THE Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested a five-man syndicate suspected of dealing in counterfeit foreign currencies valued at $3.43 million and €280,000.
According to the EFCC, the suspects allegedly defrauded a victim, Halima Sanni, of ₦26.55 million.
A statement issued by the Commission’s Head of Media and Publicity, Dele Oyewale, said the arrests were carried out on December 7 and 8, 2025, at the suspects shrines in Osun and Lagos states, following sustained surveillance and intelligence gathering.
Investigations revealed that the suspects, described as herbalists, reportedly deceived victims by claiming to offer spiritual cleansing and remedies for various ailments.
They allegedly promised to produce large sums of money through spiritual means, insisting that the notes had to be cleansed by a genie via ritual sacrifices before they could be spent.
Victims were reportedly hypnotised into providing funds for these supposed sacrifices.
Items recovered from the suspects include the fake foreign currencies, two luxury vehicles, and several mobile phones.
The EFCC said the suspects would be charged to court upon the conclusion of investigations.