The Economic and Financial Crimes Commission (EFCC) announced the arrest of four suspects for alleged naira note recycling and manipulating contents.
This was contained in a statement released through their X handle on Wednesday stating that the suspects were apprehended following verified information concerning their activities at Unity Road, Kantin Kwari Market in Kano State.
Their names are Kamaluddeen Lawal, a banker and three businessmen, Ismail Ilu, Lamido Bala, and Abba Mohammed.
Meanwhile, EFCC exposed their means of operation along with their accomplice after investigations were carried out.
“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.”
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The statement explained further: “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 by the tellers without counting them on the agreement that they would later give him his share of the money they removed.
According to the report, it was said that the sum of N7.5 million was recovered as of when they were arrested.
However, the anti-graft agency said that the suspects will be charged in court after the investigation has been concluded.
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