A Kano-based banker, Kamaluddeen Lawal and three businessmen have been arrested for recycling and manipulating contents of naira notes.
The other suspects are Ismail Ibrahim Ilu, Lamido Bala and Abba Mohammed.
Operatives of the Kano Directorate of the Economic and Financial Crimes Commission (EFCC) arrested the suspects.
Head of Media and Publicity of EFCC, Dele Oyewale disclosed this in a statement on Tuesday.
Oyewale said the suspects were arrested at 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.
He said the commission’s investigations showed that the suspects specialised in obtaining mutilated naira notes from various banks with the sole purpose of removing a few notes from each bundle and depositing them in their bank accounts with a particular bank where their banker accomplice will receive the money as the original amount.
“The suspects were perpetrating the fraud by going to their respective banks and asking for a certain denomination (in this case N200 Notes) and carefully removing a few notes from each bundle.
“They would then take it to their accomplice at the bank who 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,” the EFCC spokesman said.
Oyewale added that a total sum of N7.5 million was recovered from the suspects at the point of arrest.
He said the suspects would be charged to court upon conclusion of investigations.