As per the information detailed in court documents, the fintech firm, which deposited the recovered funds with a tier-2 Nigerian commercial bank, stated that the account was fraudulently hacked into, with the stolen funds being transferred to 26 banks and financial technology companies. The fraudsters leveraged a standard method which allowed them to widen the trail and cause difficulties in recovery efforts. According to an excerpt of a court document seen by TechCabal, the company mentioned that some of the funds represented amounts recuperated on behalf of clients, which were supposed to be remitted by the petitioner to the owners.
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