The Economic and Financial Crimes Commission (EFCC) has arrested five suspects in Osun and Lagos states over the alleged possession of counterfeit foreign currency valued at $3.4 million and €280,000.

The arrests were carried out by the EFCC’s Ibadan Zonal Directorate following intelligence-led operations. The suspects are Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan were apprehended at different locations, including alleged shrines.

Investigations indicate that the suspects allegedly posed as herbalists, deceiving victims with claims of supernatural money-making powers. One victim reportedly lost ₦26.55 million to the scheme.

Items recovered include the counterfeit currencies, two exotic vehicles, and several mobile phones. The EFCC said the suspects will be arraigned in court after investigations are concluded. Visit www.jocomms.com for more news.