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Kamaluddeen Lawal, a banker, and three businessmen have been arrested for their involvement in a scheme to recycle and manipulate Naira notes in Kano State.
The suspects, identified as Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed, were apprehended by operatives of the Kano Directorate of the Economic and Financial Crimes Commission (EFCC) at Unity Road, Kantin Kwari market, following credible intelligence on individuals suspected of trafficking large sums of cash.
Dele Oyewale, EFCC spokesperson, stated that the suspects specialized in obtaining mutilated Naira notes from various banks. They would remove a few notes from each bundle and deposit the reduced amounts into their bank accounts, where their accomplice, a banker, would accept the deposits as the original amount.
“The suspects executed this fraud by visiting their respective banks, requesting specific denominations (N200 notes), and carefully removing some notes from each bundle. They would then take the reduced bundles to their accomplice at the bank, who would process the deposits without counting the notes, in exchange for a share of the money removed,” Oyewale explained.
A total of N7.5 million was recovered from the suspects at the time of their arrest. The EFCC has indicated that the suspects will be charged to court upon the conclusion of investigations.
