The Economic and Financial Crimes Commission (EFCC) has apprehended a banker, Kamaluddeen Lawal, and three business associates for allegedly laundering and tampering with the naira currency notes.
Lawal was detained along with Ismail Ilu, Lamido Bala, and Abba Mohammed on Unity Road in Kantin Kwari Market, Kano State.
According to a statement issued on Tuesday by the EFCC’s Head of Media and Publicity, Dele Oyewale, the suspects were arrested after intelligence was gathered about their actions.
He said, “Operatives of the Kano Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested a banker, Kamaluddeen Lawal and three businessmen for recycling and manipulating contents of naira notes. The other suspects are Ismail Ilu, Lamido Bala and Abba Mohammed.
“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.“
Oyewale added that the inquiry indicated that the suspects obtained mutilated naira notes from banks and redeposited some of them with the assistance of the arrested banker, adding that the N7.5 million was recovered from the accused during their arrest.
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He said, “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 will 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.
“At the point of arrest, a total sum of N7,500,000 was recovered from them. The suspects would be charged to court upon conclusion of investigations.”
