Kano banker, businessmen caught in cash deposit manipulation

The Economic and Financial Crimes Commission, EFCC, has arrested a banker, Kamaluddeen Lawal, and three businessmen in Kano for allegedly engaging in fraudulent activities involving the manipulation of cash deposits.

The three businessmen, identified as Ismail Ibrahim Ilu, Lamido Bala, and Abba Mohammed, were arrested by EFCC operatives on Unity Road, Kantin Kwari Market, Kano, following a tip-off about suspicious transactions.

According to EFCC spokesperson Dele Oyewale, the suspects were caught for their involvement in a scam where they would collect mutilated naira notes from various banks, remove a few notes from each bundle, and then deposit the reduced amount into their bank accounts.

Lawal, the banker, would allegedly receive the money and record it as the original amount, allowing the group to profit from the difference.

The EFCC has confirmed the arrests and is investigating the suspects for their shady bank transactions and money laundering activities.

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“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.

NIGERIAN TRIBUNE