Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have uncovered counterfeit foreign currencies valued at $3.43 million and €280,000 from a five-member syndicate accused of defrauding a victim of N26.55 million. The suspects were arrested following intelligence-led surveillance into their alleged fraudulent activities.
The suspects, identified as herbalists Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan and Familola Sunday Olaitan, were apprehended on December 7 and 8, 2025, at their shrines in Osun and Lagos states. The EFCC said the arrests were based on credible intelligence linking them to organised fraud.
In a statement on Wednesday, EFCC Head of Media and Publicity, Dele Oyewale, said investigations revealed that the suspects swindled victims under the guise of spiritual cleansing and money rituals. He added that two exotic vehicles and several mobile phones were recovered, noting that the suspects would be charged to court after investigations.