Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested five suspected members of a fraud syndicate in possession of counterfeit foreign currency valued at $3.43 million and €280,000.
The suspects—Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan and Familola Sunday Olaitan—were apprehended on 7 and 8 December 2025 at their shrines in Osun and Lagos States, following sustained intelligence gathering and surveillance by the EFCC’s Ibadan Zonal Directorate.
The arrests are reportedly linked to the alleged defrauding of one Halima Sanni, who is said to have lost N26.55 million to the syndicate.
According to the EFCC, the suspects presented themselves as herbalists, claiming to offer spiritual remedies for various ailments and asserting that they could generate large sums of money through supernatural means.
Victims were reportedly persuaded to provide money for so-called ritual “cleansing” before the purported funds could be released.
In addition to the counterfeit currencies, operatives recovered two exotic vehicles and several mobile phones from the suspects.
The EFCC stated that the suspects would be arraigned in court upon the conclusion of investigations.
