EFCC arrests man with $400, 000 worth of fake currency

April 9, 2018 9:50 PM

Otuedon, who specialized in counterfeiting foreign currencies, was arrested after being accused of defrauding unsuspecting victims in Masaka area of the State.

A suspected fraudster identified as

According to the reports, Otuedon, who specialized in counterfeiting foreign currencies, was arrested after being accused of defrauding unsuspecting victims in Masaka area of the State.

The arrest was reportedly made following an intelligence report on Friday, April 6, 2018, on the activities of a syndicate of fraudsters working within the area.

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Fake foreign currencies totalling over $400,000, were recovered following the arrest.

During his interrogation, Otuedon confessed that the fake dollars were given to him by other members of his syndicate based in Lagos.

According to him, as part of their mode of operation, the syndicate would give people genuine dollars as well as fake dollars making it easy to have the fake currencies filtered into the system.

Otuedon, while confessing to the crime, also admitted that the syndicate used the fake dollars for money-doubling.

Fake currency dealer arrested by Lagos police

A fake currency dealer, Hyacinth Nwogu has been arrested by the Lagos State Police for allegedly defrauding a business woman of the sum of N1.99 million.

He was nabbed following a report made by the victim, 28-year-old Helen Olajide who paid the sum in favour of some goods the suspect promised to deliver to her.

Giving an account of her experience with the suspect, Olajide said:

“I was standing at the bus stop waiting for a cab when their vehicle came close to me and they claimed that they knew me and that they were my customers. They told me they have a business for me and being a businesswoman, I decided to go with them.

“One of them was speaking French and they claimed that they were importers and had a container loaded with computers, clothes, babies wears and other items in the warehouse. I picked interest on some of the items and wrote them down. They made me sign an agreement to pay money that they would go to Customs quarters and clear the goods.

“At the house, they collected my ATM card and went to the bank and withdrew N150,000. The next payment I made was N900,000 cash on August 26, which I gave them at Ikeja. Then, they gave me a Fidelity Bank account number belonging to Chukwuma Eke Linda where I paid the other money. In all, I paid N1.992million. It was after paying that I asked mysel

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“Then, I called them to come and sign an agreement with my lawyer but they switched off their phones and started avoiding me. That was when I knew I have been duped. So, I reported to the police.

“They didn’t show me anything about money and they didn’t tell me they wash money. Why would I fall for that if they told me? Are they Central Bank of Nigeria (CBN)? What they told me was that they would supply me with goods.”

In his response, Nwogu said that he was once a victim of such fraudulent act. He claimed to have lost the sum of N1.2 million in his encounter.

SP Dolapo Badmos, the Police Public Relations Officer has disclosed that the suspect will be charged to court once his accomplices have been found.