December 17, (THEWILL) — Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have uncovered a large cache of counterfeit foreign currencies valued at $3.43 million and €280,000 from a five-member syndicate allegedly involved in fraud.
The suspects were arrested over the alleged defrauding of a victim, Halima Sanni, of N26,550,000 under false pretences. Those arrested include Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female) and Familola Sunday Olaitan, all said to be herbalists.
According to the EFCC, the suspects were apprehended on December 7 and 8, 2025, at their respective shrines in Osun and Lagos States following weeks of surveillance and intelligence gathering.
Preliminary investigations revealed that the suspects allegedly targeted unsuspecting individuals by offering spiritual cleansing and solutions to various ailments.
They were also accused of deceiving victims with claims of possessing supernatural powers to conjure foreign currencies, which they said required spiritual “cleansing” by a genie through sacrifices before the money could be spent.
The commission said the victims were allegedly hypnotised and induced to part with large sums of money purportedly required for the rituals.
Items recovered from the suspects include the counterfeit foreign notes, two exotic cars and several mobile phones.
The EFCC stated that investigations are ongoing and that the suspects would be charged to court upon the conclusion of inquiries.
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