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Zacuten Technologies has demanded answers over an alleged outstanding balance of more than $4 million arising from a $13.07 million cross-border transaction involving Plaude Technologies Limited and Plaude Inc.
The company said Plaude had publicly acknowledged that the transaction was valued at approximately $13.07 million and that about $8.95 million had been transferred, leaving an outstanding balance of between $4.1 million and $4.2 million.
Zacuten’s Chief Executive Officer, Godsreal Ojinaka, said the company had sought clarification, supporting documentation and a clear payment timeline from Plaude but that the obligation remained unresolved.
“A delay is not payment. An explanation is not payment. A public statement is not payment. The obligation remains unresolved,” Ojinaka said.
According to Zacuten, Plaude attributed the delay to banking restrictions, enhanced due diligence, payment-corridor difficulties and other operational challenges.
However, Zacuten said those explanations had not addressed its demand for the outstanding funds.
The company also raised questions over a Banc of California cashier’s cheque numbered 1874649, dated March 6, 2026, for $2.78 million and made payable to Plaude Inc.
Zacuten alleged that the cheque was presented in connection with the transaction as evidence of available funds, but said subsequent verification efforts with a bank representative raised concerns about its legitimacy.
The company said the cheque and related correspondence formed part of documentation it was reviewing and could be relevant to legal, financial and regulatory authorities.
Zacuten also cited other matters involving Plaude in raising concerns about what it described as a possible pattern of high-value transactions, payment delays and unresolved obligations.
It referenced a separate complaint by Prudent Energy & Services Limited against Plaude Inc. in the United States District Court for the Northern District of California involving allegations concerning approximately $2.75 million in an alleged foreign-exchange fraud.
Zacuten stressed that the allegations in that matter had not been established as findings of liability and remained subject to legal proceedings.
The company further cited a May 11, 2026 statement by the Police Special Fraud Unit of the Nigeria Police concerning an investigation involving Plaude Technologies Limited, Omberra Commodities Limited and individuals associated with the entities.
According to Zacuten, the SFU announced that it had secured a Federal High Court forfeiture order over accounts and assets linked to the entities and individuals pending the conclusion of its investigation.
The company said the SFU statement referred to allegations involving approximately N8.585 billion, including conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering.
Zacuten said the SFU investigation was separate from its own commercial dispute with Plaude and that the allegations remained subject to investigation and judicial process.
Ojinaka said the company was seeking a complete accounting of the transaction, independent verification of funds allegedly transferred and a verifiable plan for settling the outstanding balance.
“We are not asking anyone to substitute public opinion for due process. The SFU investigation is separate, and the allegations remain subject to investigation and judicial process,” he said.
“But an official investigation resulting in a Federal High Court forfeiture order and findings concerning the company’s alleged financial and operational capacity cannot simply be ignored.”
Zacuten also claimed it had received information concerning other businesses that may have experienced unresolved transactions involving Plaude or individuals associated with the company.
It said the additional claims could involve losses or outstanding obligations exceeding $15 million, separate from Zacuten’s own claim, but acknowledged that the information was still subject to verification.
The company said it would not disclose the identities of the other parties without sufficient documentary evidence and authorisation.
Zacuten urged companies, investors, financial institutions and prospective business partners considering significant transactions with Plaude or its executives to conduct enhanced due diligence.
It recommended independent verification of financial capacity, transaction history, sources and availability of funds, banking arrangements, payment instruments, corporate ownership structures, existing disputes and regulatory or legal issues.
“Our experience demonstrates why businesses cannot rely solely on representations when substantial sums are involved,” Ojinaka said.
“Financial capacity must be independently verified. Payment instruments must be independently verified. The ability to perform must be independently verified.”
Zacuten said it would continue to pursue available commercial and legal channels to recover the outstanding funds.
However, Plaude has disputed the characterisation of the transaction. The company said the $13.07 million transaction involved currency swap agreements and that it had transferred $8.95 million, representing about 68 per cent of the transaction value, to designated offshore USD/USDC accounts.
The company attributed the delay in completing the balance to banking disruptions, enhanced due diligence reviews, payment-corridor restrictions and the closure of some accounts.
Plaude maintained that the outstanding balance should not be interpreted as evidence of fraud or an intention not to pay, saying it remained committed to resolving the matter.
The company also said its Money Services Business registration with the United States Financial Crimes Enforcement Network (FinCEN) has been active since December 2024 and that it operates in Nigeria through a Central Bank of Nigeria-licensed International Money Transfer Operator.
The competing accounts leave the central dispute focused on the unpaid balance, the circumstances surrounding the incomplete settlement and the documentation supporting the positions of both parties.
