In Kano, a banker named Kamaluddeen Lawal, along with three businessmen, has been detained for engaging in deceptive practices involving the manipulation of deposited cash in banking transactions.
The other three individuals involved are Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed, who were apprehended by the operatives of the Kano Directorate of the Economic and Financial Crimes Commission due to their questionable banking activities.
Confirming the arrest in a statement issued late Tuesday night, the EFCC spokesperson, Dele Oyewale, stated that the arrests took place on Unity Road, Kantin Kwari Market, Kano, following reliable information regarding individuals suspected of dealing with large amounts of cash.
As per the statement, the suspects were involved in the procurement of damaged naira notes from various banks, extracting a portion of notes from each bundle, and then depositing them into their bank accounts at a specific bank where their banking accomplice would facilitate the transfer as the original amount.
“The suspects carried out the fraudulent activities by visiting their respective banks, asking for specific denominations (in this case N200 notes), and carefully extracting some notes from each bundle. Subsequently, they would hand these notes over to their accomplice at the bank.
“The accomplice would receive the money, record the details on the tellers without physically counting them, under the agreement that they would later share the extracted money with him,” Oyewale explained.
At the time of their arrest, a total of N7.5 million was confiscated from the suspects.
The EFCC spokesperson mentioned that once the investigations are concluded, the suspects will face charges in court.