Dear Nairalanders, I need your help on this matter between me and Moniepoint.

I operate a KYC Tier-3 account with Moniepoint which I have been using for P2P transactions (buying and selling USDT daily) to make little daily income. The total capital I use for this is 1.5m naira but I can do this about three or four times daily, which means a volume of about 6m naira on daily basis.

Just yesterday, I noticed that the account has been placed on PND (Post-No-Debit) and my total balance which was exactly N1,545,600 before the incident, has changed to a negative balance of N-26,240,000. When I contacted the bank to find out the reason for this restriction, they said I am a "third beneficiary of fraudulent transfer" from Flutterwave. They added that I received the sum of about 28m from someone using that Flutterwave so they cleared my available balance and put what remains on negative balance.

The truth of the matter is that I never received such an amount from anyone, I asked them to go through my transaction history and tell me exactly when that happened. Moreover, the highest amount I received on that account since I got it upgraded to level 3 early this April was N2,100,000. Nonetheless, I went back to all the transactions I did earlier and I found out that I received ONLY ONE money transfer from Flutterwave some 12 days back but the amount was exactly N110,850.00, contrary to N28,000,000 the bank claimed.

Could this be a technical error from Moniepoint since I never received anything close to such amount they claim or could it be possible that I was scammed somewhere somehow in my P2P transactions even though the only amount I received from Flutterwave was 110k? Again, I have never received an amount higher than N2,100,000 let alone N28,000,000. Additionally, since when I started the P2P business on that account, I have never accepted money transfers from third-party accounts, the only few ones that were sent to me using third-party accounts, were refunded accordingly and have the counter-parties canceled the trades.

Please help me understand the kind of mess I am in, I can't think well right now. How can I be operating an account with total balance of 1.5m and end up with a negative balance of 26m?

Get a lawyer Asap for more advice, and as for the fraudulent charge guess the flutterwave acct that made a transfer to you was involved in fraud and every transaction linked to that account will be flagged

Eeya....This is clearly an avoidable misadventure. Even moniepoint is on hot seat on this matter.

Since you are really this affluent and you have been monitoring how hawkish FG is on these crypto thingy, you should have quit that business. Your account has been flagged and you may just be one of the 300000 accounts EFCC plan to prosecute, according to yesterday's Punch report.

Ordinarily, you should have escalated it immediately to EFCC and CBN such that moniepoint will be the one chasing you for resolution by now but your source of funds has k-leg. With the credit system now operating, until you clear that balance or resolve the issue, all your account may become liable to this negative balance in your moniepoint account.

Get a lawyer knowledgeable in fraud cases and let him help you