EFCC Arrests Banker, 3 Others For Currency Fraud In Kano

Economic and Financial Crimes Commission (EFCC), has arrested a banker, Kamaluddeen Lawal and three businessmen for recycling and manipulating contents of Naira notes.

The other suspects are Ismail Ibrahim Ilu, Lamido Bala and Abba Mohammed.

EFCC spokesperson, Dele Oyewale said in a statement yesterday that the suspects were arrested at Unity Road, Kantin Kwari Market, Kano following credible intelligence on the activities of some individuals suspected to be trafficking huge sums of money in cash.

The commission’s investigations showed that the suspects specialised in obtaining mutilated Naira notes from various banks, with the sole purpose of removing a few notes from each bundle and depositing them in their bank accounts with a particular bank, where their banker accomplice would receive the money as the original amount.

The suspects were perpetrating the fraud by going to their respective banks and asking for a certain denomination (in this case N200 Notes) and carefully removing a few notes from each bundle. They would then take it to their accomplice at the bank who will collect the money and make entries as filled in the tellers without counting them on the agreement that they would later give him his share of the money they removed.

The EFCC said at the point of arrest, a total sum of N7,500,000 was recovered from them.

The suspects would be charged in court upon the conclusion of investigations.