The High Court Anti-corruption court has frozen Sh 10 million belonging to Kivaa Ventures Limited for 90 days on suspicion of being proceeds of crime.
Justice Esther Maina prohibited the company, its employees or agents from acting in any manner in respect of the said funds held at Kenya Commercial Bank.
“The respondent, its employees, agents or other persons acting on its behalf are prohibited from transacting, interfering, transferring, withdrawing or dealing with the funds in manner howsoever in respect of any profit or benefits derived or accrued from the said funds,” the judge ruled.
This is after the Assets Recovery Agency filed an application seeking to preserve the said funds which they reasonably suspect to be proceeds of crime.
Investigating officer John King’ori told the court that on 27th May 2022, the agency received information on a suspected case of defrauding members of public, racketeering, obtaining money by false pretence and money laundering by Kivaa Ventures.
According to the agency preliminary investigations established that Kivaa Ventures, its directors and agents were involved in a suspected scheme of money laundering by deceit and received funds in issue from members of the general public and later transferred the funds to bank accounts belonging to companies, business entities owned or associated with them and ultimately using the illegitimately acquired funds to purchase several properties which is been traced by the agency.
The court heard that on diverse dates, the company’s account at KCB held in its name, received suspicious funds amounting to a total of Sh 30,018,105 between 2020 and 2021 which funds are reasonably believed to be obtained by false pretence from members of the general public.
The agency adds that within the said period there were massive suspicious cash withdrawals and transfers in suspicious complex money laundering schemes.