Operatives of 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, for recycling and manipulating Naira notes.
The arrests were made at Unity Road, Kantin Kwari market, Kano, following credible intelligence regarding individuals suspected of trafficking large sums of cash.
Investigations revealed that the suspects specialized in acquiring mutilated Naira notes from various banks.
They would remove a few notes from each bundle and deposit the remaining amount in their bank accounts, where their banker accomplice would receive the money as the original amount.
The suspects executed this fraud by requesting specific denominations (N200 notes) from their banks, carefully removing a few notes from each bundle, and then depositing the altered bundles with their accomplice banker. The banker would enter the full amount without counting, with the agreement that he would receive a share of the removed notes later.
At the time of the arrest, a total sum of N7,500,000.00 (Seven Million, Five Hundred Thousand Naira) was recovered.
The suspects will be charged to court upon the conclusion of investigations.
