Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), have uncovered large quantities of counterfeit foreign currency valued at $3,430,000 (Three Million, Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros) from a five-member syndicate allegedly involved in fra.ud
The suspects were arrested for allegedly defrauding a victim, identified as Halima Sanni, of ₦26,550,000 (Twenty-Six Million, Five Hundred and Fifty Thousand Naira).
Those arrested are Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan, all described as herbalists.
They were apprehended on December 7 and 8, 2025, at their shrines in Osun and Lagos states, following extensive surveillance and actionable intelligence on their alleged fraudulent activities.
Investigations revealed that the suspects allegedly defrauded unsuspecting individuals under the guise of offering spiritual cleansing and solutions to various ailments. They reportedly convinced victims that they possessed supernatural powers to conjure foreign currency notes, which they claimed required spiritual cleansing by a genie through sacrifices before the money could be spent.
The suspects allegedly hypnotised their victims into providing cash for these supposed sacrifices.
Items recovered from the suspects include large sums of counterfeit foreign currency, two exotic vehicles, and several mobile phones.
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 have uncovered large quantities of counterfeit foreign currency valued at $3,430,000 (Three Million, Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros) from a five-member syndicate allegedly involved in fraud){kind=link}