Operatives from the Kano Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested a banker, Kamaluddeen Lawal, along with three businessmen—Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed—on charges of currency fraud involving the recycling and manipulation of Naira notes.
The arrests were made at Unity Road, Kantin Kwari market, Kano, following credible intelligence about individuals suspected of trafficking large sums of money in cash. Investigations revealed that the suspects specialized in acquiring mutilated Naira notes from various banks.
They would then remove a few notes from each bundle and deposit the remaining money into their accounts with the assistance of their banker accomplice, who would receive the manipulated amount as the original sum.
The fraudulent scheme involved the suspects requesting specific denominations (N200 notes) from their respective banks, removing some notes from each bundle, and then handing the altered bundles to their accomplice.
The banker would then process the deposits without counting the notes, based on an agreement to receive a share of the removed money later.
Upon their arrest, the EFCC recovered a total of N7,500,000 (Seven Million, Five Hundred Thousand Naira) from the suspects.
They are expected to be charged to court following the conclusion of investigations.
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