Three businessmen and a banker named Kamaluddeen Lawal were apprehended in Kano for fraudulently recycling and altering the amount of money deposited in the bank for savings, causing distress to the bank’s customers.
The three accused accomplices are Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed. They were apprehended by the Economic and Financial Crimes Commission’s Kano Directorate agents for their dubious bank activities.
The suspects were apprehended on Unity Road, Kantin Kwari Market, Kano, according to EFCC spokesperson Dele Oyewale, who confirmed the arrest in a statement late on Tuesday night.
This came about as a result of reliable information regarding the actions of certain people who were allegedly trafficking large amounts of cash.
According to the statement, the suspects were experts at finding mutilated naira notes from various banks, taking a few notes out of each bundle and depositing them into their bank accounts. They would then pick a specific bank and give their banker accomplice the original amount of money.
“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.
As of the time of the suspects’ arrest, N7.5 million had been taken from them, the statement read.
