EFCC arrests banker, three others for naira mismanagement in Kano

The Economic and Financial Crimes Eradication Commission (EFCC) has arrested a banker, Kamaluddeen Lawal, and three businessmen for destroying naira notes in Kano State.

EFCC Head of Media and Publicity, Dele Oyewale, said the banker was arrested alongside Ismail Ilu, Lamido Bala and Abba Mohammed at Unity Road, Kwari Canteen Market in Kano State following intelligence about their activities.

He said businessmen, with the support of bankers, collected damaged naira notes from banks and re-deposited some of them.

He added that Rp7.5 million was confiscated from the suspects after they were arrested.

The statement read: “Operators of the Kano Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested a banker, Kamaluddeen Lawal and three businessmen for recycling and manipulating the contents of naira notes. The other suspects are Ismail Ilu, Lamido Bala and Abba Mohammed.

“The suspects were arrested at Unity Road, Kwari Canteen Market, Kano following credible intelligence information regarding the activities of some individuals suspected of smuggling large amounts of cash.

“Investigation results showed that the suspects were experts in obtaining mutilated naira notes from various banks with the sole purpose of taking a few notes from each bundle and depositing them in their bank accounts at certain banks, where their banker accomplices would receive the money as the original amount.

“The suspects committed the fraud by going to their respective banks and asking for a certain amount of money (in this case, N200 notes) and carefully taking a few notes from each stack. They would then take it to their accomplices at the banks who would collect the money and make entries as filled out at the teller without accounting for them in the agreement that they would later give them their share of the money they took.

“A total of N7,500,000 was recovered from them upon arrest. The suspects will be charged to court after completion of investigation.”

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