Posted by Amarachi on Wed 24th Jul, 2024 - tori.ng
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.
A banker, Kamaluddeen Lawal alongside three businessmen, have been arrested by the Kano Directorate of the Economic and Financial Crimes Commission, EFCC, for allegedly recycling and manipulating contents of Naira notes.
The other suspects are Ismail Ibrahim Ilu, Lamido Bala and Abba Mohammed.
A statement released by the antigraft agency says 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.
‘’Investigations showed that the suspects specialized 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 would 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.'' a statement from the commission reads.
The agency says at the point of arrest, a total sum of N7,500,000.00 (Seven Million, Five Hundred Thousand Naira) was recovered from them.
The suspects would be charged to court upon conclusion of investigations.