Seventeen individuals suspected of engaging in unauthorized Forex trading have been apprehended by the Police in Kano State.
In a statement provided to the media, SP Abdullahi Haruna Kiyawa, the spokesperson for the command, confirmed the arrests.
The crackdown was carried out by the Kano Police Command in collaboration with the Department of State Services (DSS) at locations where illegal FOREX transactions were taking place, particularly at Wappa Bureau De Change in Fagge LGA, Kano.
During the operation, a total of twenty-nine individuals were apprehended. Twelve of them were released due to lack of evidence, while the remaining seventeen were found in possession of foreign currencies, including 68,000 CFA and 30 Indian Rupees.
It was discovered that the seventeen suspects were associated with an unlicensed Bureau De Change group. They are set to face prosecution in court following further investigations.
SP Kiyawa emphasized that the objective of the crackdown was to eliminate illegal operators and ensure stability in the foreign exchange market.
The genuine Bureau de Change operators conducting legitimate business were not affected by the arrests.
State Commissioner of Police, CP Mohammed Usaini Gumel, emphasized a zero-tolerance policy towards illicit financial activities, warning that perpetrators would be dealt with according to the law.
He advised all individuals and businesses in the financial sector to operate lawfully, obtain required licenses, and avoid any unethical practices.