The Economic and Financial Crimes Commission (EFCC), has announced its Kano directorate arrested one banker, Kamaluddeen Lawal and three others for allegedly “recycling and manipulating contents of Naira notes.”
The commission, in a statement, posted to social media, accused the suspects of “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 reportedly arrested at Unity Road, Kantin Kwari market, Kano following credible Intelligence on the activities of some individuals suspected to be trafficking huge sums of money in cash.
“The suspects were perpetrating the fraud by going to their respective banks and asking for a certain denomination (in this case ₦200 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. At the point of arrest, a total sum of ₦7,500,000.00 (Seven Million, Five Hundred Thousand Naira) was recovered from them. The suspects would be charged to court upon conclusion of investigations,” the statement read.
