₦750m Fraud Probe: Questions Mount Over Kudiwave’s PalmPay Account and KYC Records

Kudiwave Technologies is facing scrutiny over the ownership and control of a PalmPay account that allegedly received about ₦750 million traced by investigators to a suspected digital-banking fraud. Police and NIBSS reportedly traced the money through several accounts before it entered Kudiwave’s account in three closely timed transfers. Investigators also reportedly could not locate the address listed in the account’s KYC records, while questions remain over the account opener, signatory and beneficial owner. The Police Special Fraud Unit reportedly obtained an order to preserve the funds in an exhibit account pending investigation. Kudiwave has challenged the recovery process, and the matter has involved a vacated order, an appeal and separate court actions. No court has made a final finding on ownership of the money or liability for the alleged fraud. The case will depend on transaction records, KYC documents, account-signatory evidence and the full trail of the disputed funds.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.