The Interpol is investigating Ksh25 billion wired into Kenya from Nigeria and Hong Kong between October and November 2020.
According to media reports, the Assets Recovery Agency (ARA), which is investigating three companies over Ksh5.6 billion, was unable to trace over Ksh20 billion that was wired into the country. The Ksh20 billion was moved through local lenders in one month in 2020.
At least six firms, including OIT Africa, Avalon Offshore Logistics, RemX Capital Ltd, RemX Ltd, RemX Investment Partners and Multigate Ltd were used to move the Ksh25.6 billion from Nigeria to Kenya. Later, some of the funds were wired to countries in Europe and Asia.
Interpol is also unable to unlock the puzzle efficiently, as it needs cooperation from the Kenyan and Nigerian authorities to trace the movements of the money and the people involved.
The funds were moved to the country through two lenders, Equity Bank and UBA, who hold the information on where the Ksh20 billion is, or was wired to.
Despite freezing the Ksh5.6 billion, ARA and the investigating authorities are yet to interrogate shareholders of the companies involved in the money laundering scheme.
On April 5, ARA obtained court orders freezing Sh5.6 billion in six bank accounts.