Infinity Finance Limited: Court refreezes K1 billion  at First Capital Bank amid fresh financial crime suspicions

The High Court has moved to refreeze a staggering K1 billion held at First Capital Bank belonging to Infinity Finance Limited, after the Financial Intelligence Authority (FIA) successfully applied for a fresh preservation order amid ongoing suspicions the money is linked to financial crimes.

According to a published ruling, the court granted the order after being satisfied there were reasonable grounds to believe the funds have either been used, or are intended for use, in the commission of an offence — or that the money itself constitutes the proceeds of criminal activity.

The dramatic move comes after an earlier preservation order covering the same funds lapsed on 10 August, prompting the FIA to swiftly return to court to secure the money once again before it could be moved or dissipated.

Despite the scale of the sum involved, the FIA has so far declined to reveal the exact nature of the suspected offences connected to the billion-kwacha stash, leaving significant questions unanswered over what specific financial crimes investigators believe may be linked to the funds.

The refreezing of such a substantial amount is likely to intensify scrutiny of Infinity Finance Limited’s operations, with authorities expected to continue building their case as the investigation progresses — though with the FIA remaining tight-lipped for now, the full details behind the suspicious transaction remain shrouded in uncertainty.