A banker, Kamaluddeen Lawal, and three businessmen have been arrested in Kano for engaging in a currency fraud scheme.

The suspects were detained by operatives of the Kano Directorate of the Economic and Financial Crimes Commission for manipulating bank deposits.

The three alleged accomplices are Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed. They were apprehended on Unity Road, Kantin Kwari Market, Kano, after the EFCC received credible intelligence about their illegal activities.

EFCC spokesperson Dele Oyewale explained, “The suspects were involved in recycling and manipulating cash deposits. They would obtain mutilated naira notes from various banks, remove a few notes from each bundle, and then deposit the altered amount into their bank accounts.”

Oyewale further detailed, “The suspects went to their banks, requested specific denominations, and carefully removed a few notes from each bundle. They then handed these bundles to their banker accomplice. The banker would accept the money and record it as if it were the original amount, without counting it. The agreement was that the banker would receive a share of the removed notes later.”

The EFCC has recovered N7.5 million from the suspects so far. Oyewale added, “Once our investigation is complete, we will charge the suspects in court.”

This case highlights ongoing efforts by the EFCC to combat financial crimes and corruption.