Naira-Dollar notes (National Daily)
Inset: Naira-Dollar notes (National Daily)

Operatives of the Gombe State Police Command have busted a fake currency syndicate, recovering the sum of N22 million during a 'stop and search' operation around Billiri local government area of the state.

Instablog9ja reports that one of the suspects identified as Sani Ibrahim, confessed to the crime, stating that he became a dealer in fake Naira notes in a bid to survive the harsh economic situation in Nigeria.

Fake currency syndicate busted Gombe State Police Command (instagram)
Inset: Fake currency syndicate busted Gombe State Police Command (instagram)

While reacting to the allegation against them, Ibrahim said, "It is not my wish to produce fake Naira notes. It was one Alhaji who brought me into this line of illegal business last year when the economy became tough for me and I approached him for assistance".

He added, "We operate in Gombe and Nasarawa states because that is where we have people who trade in our fake currency".

Similarly, the Economic Finance and Corruption Commission (EFCC) arrested a fake currency dealer in Nassarawa State back in April, 2018.

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

A suspected fraudster identified as Samson Otuedon was arrested by officers of the Economic and Financial Crime Commission (EFCC), on Saturday, April 7, 2018, at Masaka, Karu LGA of Nasarawa State for currency counterfeiting.

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 suspect, [b]Samson Otuedon
Inset: The suspect, [b]Samson Otuedon

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.

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.

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