Operatives of the Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate, have dismantled an alleged fraud ring involved in the possession of a large cache of counterfeit foreign currencies running into millions of dollars and euros.

The anti-graft agency disclosed that fake foreign notes valued at $3.43 million and €280,000 were recovered from a five-man syndicate accused of defrauding a victim, identified as Halima Sanni, of ₦26.55 million.

According to findings, the suspects—Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan—were apprehended on December 7 and 8, 2025, during coordinated raids on their alleged shrines located in Osun and Lagos States. The arrests followed weeks of intelligence gathering and surveillance by EFCC operatives.

Investigators revealed that the group allegedly posed as spiritual healers and herbalists, luring unsuspecting victims with claims of supernatural solutions to health challenges, financial struggles, and personal problems. As part of their scheme, the suspects reportedly convinced victims that they possessed the mystical ability to produce large sums of money, which they claimed needed to undergo “spiritual cleansing” by a genie before it could be spent.

Victims were allegedly hypnotised and persuaded to part with huge sums of money to fund supposed ritual sacrifices required to activate the fake currency.

In addition to the counterfeit notes, EFCC operatives also seized two luxury vehicles and several mobile phones believed to have been used in carrying out the fraudulent operations.

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The commission confirmed that the suspects will be arraigned in court once investigations are concluded, assuring the public of its continued commitment to combating financial crimes and protecting citizens from fraudulent schemes.