EFCC nabs banker, businessmen for recycling mutilated naira notes, recovers over N7m

EFCC nabs banker, businessmen for recycling mutilated naira notes, recovers over N7m

Abdullateef Fowewe

The Economic and Financial Crimes Commission, Kano Directorate has arrested a banker identified as Kamaluddeen Lawal, and three businessmen over recycling and manipulating contents of Naira notes in Kano.

The EFCC revealed in a statement on Wednesday on their involvement in trafficking large cash sums.

Other suspects involved are Ismail Ibrahim Ilu, Lamido Bala and Abba Mohammed.

The suspects according to the statement, allegedly obtained mutilated naira notes from banks, removed some from each bundle, and redeposited them with the help of Lawal, resulting in the recovery of N7.5m during the arrest.

The statement reads, “The suspects were 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.

“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.

“At the point of arrest, a total sum of N7,500,000.00 (Seven million, five hundred thousand naira) was recovered from them.”

The EFCC noted that they will face charges upon completion of the investigation.