A banker, Kamaluddeen Lawal, along with three businessmen, has been apprehended in Kano for their involvement in a fraudulent scheme involving the recycling and manipulation of bank deposits.
The three accomplices, Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed, were arrested by operatives of the Kano Directorate of the Economic and Financial Crimes Commission (EFCC) for their illicit banking activities.
EFCC spokesperson Dele Oyewale confirmed the arrests in a statement on Tuesday night, revealing that the suspects were apprehended on Unity Road, Kantin Kwari Market, Kano, following credible intelligence on their cash trafficking activities.
The suspects allegedly specialized in sourcing mutilated naira notes from various banks, removing a few notes from each bundle, and depositing the altered amounts into their bank accounts. The accomplice banker would then receive the deposits as if they were the original amounts.
“The suspects perpetrated the fraud by visiting their respective banks, requesting a specific denomination (in this case, N200 notes), and carefully removing a few notes from each bundle,” Oyewale explained. “They would then hand the altered bundles to their accomplice at the bank, who would make entries without counting the notes, on the understanding that he would receive a share of the stolen money.”
A total sum of N7.5 million was recovered from the suspects at the time of their arrest.
The EFCC spokesperson stated that once investigations are completed, the suspects will be charged in court.
News Editor