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Police arrest 17 illegal forex traders in Kano


The police have arrested seventeen suspected forex traders for unlawful operation of Bureau de Change in the Wapa area of Fagge Local Government Area of Kano state.

This development was shared with the News Agency of Nigeria by the Commissioner of Police, Mr Usaini Gumel, in an interview on Wednesday.

The CP said, “The operation, which the Police Command led, was carried out at the Wapa Bureau De Change, Fagge, with combined personnel of the Department of Security Services.

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” Twenty-nine people were arrested, out of whom 12 were cleared.

”We recovered 68,000 CFA and 30 Rupees (Indian currency) from them. All the suspects confessed to the offense and will be charged in court.

”This operation was carried out to flush out elements who operate illegally to destabilize the foreign exchange market in the country,” he said.

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The commissioner commended the combined operatives for their commitment and cooperation in ensuring the operation’s success.

”The security measures put in place have sent the message that illegal financial activities will not be tolerated and that those engaging in such practices will be made to face the full wrath of the law.”

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Gumiel advised all individuals and business operators in the financial sector to operate within the confines of the law, obtain the necessary licenses, and always avoid unwholesome practices.

He thanked the state’s people for their support, cooperation, and understanding. He urged them to continue reporting suspicious movements of person(s) or item(s) to the nearest security outfits for prompt action.