Zacuten Technologies Alleges $13M Fraud by Plaude

Zacuten Technologies claims it was defrauded of $13.07 million in a cross-border transaction with Plaude Technologies. Initially, $8.95 million was processed, but over $4 million remains unpaid, which Zacuten alleges is due to deceptive practices and wire fraud.

Olatomiwa Adebayo Idowu, CEO of Plaude, reportedly went incommunicado after using a verified fake $2.78 million Banc of California cashier’s cheque and fraudulent telexes. Other executives, including co-founder Dayo Osikoya and Chief Commercial Officer Onyeka Akumah, have also reportedly absconded.

This incident highlights the increasing fraud risks associated with fintech growth, especially in high-value transactions. Zacuten's experience reflects a broader systemic issue, as evidenced by Prudent Energy & Services Limited's federal complaint against Plaude Inc. for a $2.75 million foreign exchange fraud.

The Police Special Fraud Unit has intervened, securing a Federal High Court forfeiture order to freeze accounts linked to Plaude Technologies and associated individuals amid allegations of an ₦8.585 billion conspiracy.