Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested members of a syndicate who specialize in counterfeiting foreign currencies, especially the dollar, for sale to unsuspecting members of the public.

Acting on verified intelligence, the Commission in a joint operation with operatives of the National Drug Law Enforcement Agency (NDLEA) arrested four members of the syndicate on Wednesday, December 8, 2021 at Swiss Pearl Continental Hotel, Koforidua Street, in the Wuse 2 Area of Abuja with $427,400 fake United States Dollars.

The suspects include a woman, Princess Fashanu Adesina. Others are John Ogbaje, Emmanuel Bassey and Chidi Nwanchukwu. They volunteered useful statements which eventually led to the arrest of the syndicate’s kingpin, one Chief Douglas Mbonu on Tuesday, December 14, 2021.

Meanwhile, the Commission has warned members of the public to be wary of the activities of fraud syndicates masquerading as Bureau de Change operators, seeking to exploit the desperation of some citizens sourcing for forex for various purposes to defraud them of their hard-earned monies.

“Citizens are advised to source their forex from commercial banks in line with the directives of the Central Bank of Nigeria to minimize the risk of exposure to fraud syndicates,” Wilson Uwujaren, Head, Media & Publicity, said.