The operatives of the Economic and Financial Crimes Commission, EFCC, has through the arrest of Badamasi Sule and Muhammad Muhammad, suspected money-doublers, stopped the circulation of about N45m fake notes, packaged inside two Ghana-must-go bags.
These currency counterfeiters were arrested in December 2019, following actionable intelligence report which exposed a syndicate of fraudsters who specializes in printing fake N1,000 notes. They were also found to be in possession of fake $100 bills.
Disclosing this on Monday via its official Facebook handle, EFCC, said that investigations further revealed that two “Ghana-must-go bags” in their possession containing the N1,000 notes were shortly to be put into circulation.
Their primary targets are bureaux de change operators and unsuspecting members of the public.
The syndicate is believed to be operating from Gashua, Yobe State, with its dispatch lodge being a hotel located in Abacha Estate, close to the Sheraton Hotel and Towers, Abuja.
They will soon be arraigned in court.