Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have intercepted large quantities of counterfeit foreign currency valued at $3,430,000 and €280,000 from a five-member syndicate in Osun and Lagos states.
The suspects were arrested for allegedly defrauding a victim, Halima Sanni, of ₦26,550,000. Those apprehended include Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan.
According to the EFCC, the arrests took place on December 7 and 8, 2025, at the suspects’ shrines following extensive surveillance and intelligence gathering on their activities.
Investigations revealed that the group allegedly deceived victims by claiming to offer spiritual cleansing and remedies for various ailments. They reportedly promised to produce large sums of money through supernatural means, insisting the funds required spiritual purification by a genie before use. Victims were allegedly hypnotised into providing money for these supposed rituals.
The EFCC also recovered two luxury vehicles and several mobile phones from the suspects. The commission stated that the suspects will be arraigned in court once investigations are completed.
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