Access Bank Traces N1.34bn in Alleged Unauthorised Transfers to 71 Banks, Secures Court Freeze
By Peace Erewunmi
Access Bank Plc has traced about N1.34 billion in alleged unauthorised transactions from customers’ accounts to accounts held across 71 banks and financial institutions.
The bank has subsequently obtained a court order restricting transactions on the accounts identified as recipients of the funds, as investigations into the alleged financial fraud continue.
The development followed complaints relating to funds that were allegedly transferred from customers’ accounts without proper authorisation.
According to reports, Access Bank investigated the transactions and traced the movement of the funds across multiple financial institutions.
Court Order Freezes Recipient Accounts
Following the tracing exercise, the bank approached the court seeking orders to preserve the funds and prevent further movement of the money pending the conclusion of investigations.
The court subsequently granted an order restricting dealings with the identified accounts.
The move is aimed at preventing the suspected proceeds from being withdrawn or transferred while the circumstances surrounding the transactions are investigated.
Funds Moved Across 71 Banks
The discovery that the funds were distributed across accounts in 71 different banks and financial institutions highlights the complexity of the investigation.
Financial institutions are required to maintain transaction records and cooperate with lawful investigations into suspected financial crimes.
The case is expected to involve further tracing of the funds and identification of the individuals or entities behind the transactions.
Investigation Continues
The court freeze does not, by itself, establish that the holders of the affected accounts committed fraud. The restriction is intended to preserve the funds while investigations continue.
Access Bank’s action demonstrates the increasing use of transaction monitoring and legal intervention by financial institutions to trace and recover funds involved in suspected unauthorised transfers.
Further developments are expected as investigations into the N1.34 billion transactions continue.
