A banker, Kamaluddeen Lawal, and three businessmen have been arrested in Kano, over their fraudulent engagement in recycling and manipulating the specific amount of cash deposited in the bank for savings.
The three alleged accomplices include Ismail Ibrahim Ilu, Lamido Bala and Abba Mohammed, who had been arrested by operatives of the Kano Directorate of the Economic and Financial Crimes Commission, over their shady bank transactions.
The EFCC spokesperson, Dele Oyewale, who confirmed the arrest in a statement late Tuesday night, disclosed that the suspects were nabbed on 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, according to the statement, specialised in sourcing mutilated naira notes from different banks to remove a few notes from each bundle and deposit 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, requesting a certain denomination (in this case N200 notes) and carefully removing a few notes from each bundle. Thereafter, they would hand them over to their accomplice at the bank.
“The accomplice will 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,” Oyewale said.
According to the statement, a total sum of N7.5m was recovered from the suspects as of the time of their arrest.
The EFCC spokesperson said as soon as investigations were completed, the anti-graft agency would charge the suspects in court.
