The Economic and Financial Crimes Commission (EFCC) in Kano has arrested a banker named Kamaluddeen Lawal and three businessmen – Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed – for alleged currency fraud. They were caught manipulating and recycling Naira notes.

The arrests took place on Unity Road, Kantin Kwari market, following credible intelligence reports about suspicious activities involving large sums of cash. The EFCC operatives recovered N7,500,000.00 (Seven Million, Five Hundred Thousand Naira) from the suspects.

‘’Investigations showed that the suspects specialized 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.

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.” a statement from the commission reads

The EFCC is continuing its investigation, and the suspects will be charged in court once the investigation is complete.