Monday 28 January 2013

Police smash fake currency printing syndicate


fake-currency-syndicateThe police in Lagos have smashed a fake currency printing syndicate, arresting five suspects.
The syndicate, which specialised in printing local and foreign currencies, has allegedly been operating for about five years.
Femi Jacob, Ramon Adeoye, Akeem Ayodabo, Isaka Usman and Onyeka Ibe, were paraded yesterday at the Command Headquarters in Ikeja, by the Commissioner of Police, Umar Manko.
Jacob and Ayodabo are said to be printers heading two of the syndicate’s branches. Ibe is suspected to be their client, who used fake and original currencies to buy electronic products, which he sells in Onitsha, Anambra State.
Adeoye was described as a distributor of fake currencies, which he supplies to Bureau de Change operators within and outside the country. Usma reportedly helped Ayodabo to print and distribute the fake currencies.
Over N100 million worth of fake currencies, including US dollars, pounds sterling, euros and Ghanaian cedis, were recovered from the suspects. Also recovered were 22 fake currency printing and one cutting machines.
Parading the suspects, Manko said the officer-in-charge of the Special Anti-robbery Squad (SARS), Mr Abba Kyari, a Superintendent of Police (SP), got wind of the syndicate’s operation at 6 Ogunlana Street, Alagbado, a Lagos suburb.
He said Kyari led SARS operatives to the place where surveillance was mounted and Femi and Ramon arrested. He said Femi took the police to Ikorodu where they arrested Usman and Ayodabo.
Femi, who confessed to being a smuggler before joining the syndicate, told The Nation that he sells a bundle of fake N100, 000 for N3,000, and one bundle of fake $100 for N4000. He said he started the illegal business about three years ago and has made “a lot of money from it”.
He said: “When any currency is given to you, pour water on it. If it is fake it will tear immediately. If you do not have water, use your saliva. You can also find out if it is fake by squeezing and dropping it on the table, it will not remain squeezed if it is fake.”
According to him, he used to be a printer until somebody introduced him to the fake currency business.
“The first business we did we made so much money and that was why I remained in the business”, he said, adding that one of his distributors, Mallam Ibrahim, a Bureau de Change operator, is at large.
Ibe said he was duped by some fake money launderers who later introduced him to the illegal business.
He said: “I was duped by some people who came to my shop in Onitsha and bought all my goods with fake currencies. After going to the police for several months without any success, I met the people who duped me again and they decided to introduce me to the fake currency business”.
Ibe said in less than two months he recovered all his money and also made so much money buying goods with fake currencies.
He said he was arrested when he came to Lagos to buy another batch of fake currencies from his supplier.
“I did not know Femi had been arrested by the police. He called me from the police station and told me that he has new and more genuine fake currencies for sale. It was those currencies that I came to buy and was arrested by the police”, he said.
Manko said investigation was ongoing adding that the suspects would be charged to court soon.
NaijaCenter

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