The Economic and Financial Crimes Commission (EFCC) has announced the apprehension of a five-member syndicate, identified as herbalists, following a major operation that unearthed substantial amounts of counterfeit foreign currency. Operatives from the Ibadan Zonal Directorate conducted the arrests in Osun and Lagos states, seizing millions of fake US dollars and Euros, alongside other assets. This significant development comes as part of the commission’s relentless efforts to combat financial fraud and protect citizens from sophisticated criminal networks preying on unsuspecting individuals.

The sophisticated operation led to the discovery of counterfeit notes totaling an astonishing $3,430,000 (Three Million, Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros). These fake currencies represent a considerable sum, underscoring the large scale of the alleged criminal enterprise. The EFCC’s intervention prevented these fraudulent notes from potentially infiltrating the legitimate financial system, thereby averting further economic disruption and losses.

Central to the investigation was the alleged swindling of a victim identified as Halima Sanni, who reportedly lost N26,550,000 (Twenty-Six Million, Five Hundred and Fifty Thousand Naira) to the syndicate. This substantial financial loss highlights the devastating impact that such fraudulent schemes have on individuals, often stripping them of their life savings or hard-earned legitimate earnings under false pretences. The commission emphasizes its commitment to recovering stolen funds and ensuring justice for victims.

The five individuals taken into custody have been identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (a female suspect), and Familola Sunday Olaitan. These alleged herbalists were apprehended on December 7 and 8, 2025, at their various shrines situated across Osun and Lagos States. The arrests were the culmination of extensive surveillance operations and meticulous intelligence gathering by EFCC operatives, who had been tracking the syndicate’s illicit activities for a period.

Investigations reveal that the suspects allegedly specialized in defrauding vulnerable individuals by purporting to offer spiritual cleansing and miraculous solutions to various ailments and life challenges. They exploited deeply held beliefs and personal adversities, creating an elaborate facade of spiritual intervention. This manipulative approach allowed them to gain the trust of their victims, paving the way for their financial exploitation through a series of elaborate rituals and demands for payment.

Further details emerging from the ongoing inquiry indicate that the syndicate also allegedly promised their victims the power to conjure vast sums of currency. These supposedly “manifested” notes, however, required subsequent “spiritual cleansing” by a mystical genie through costly sacrifices before they could be spent. The victims were allegedly subjected to hypnotism, a coercive technique employed by the suspects to compel them into providing significant sums of money for these purported spiritual sacrifices, further entangling them in the fraudulent web.

The EFCC, a leading anti-graft agency in Nigeria, routinely tackles a wide array of financial crimes, including advance fee fraud, money laundering, and counterfeiting. This particular operation underscores the agency’s vigilance against those who exploit cultural beliefs and spiritual vulnerabilities for illicit financial gain. The commission reiterates its resolve to dismantle criminal syndicates, irrespective of their disguise, and to ensure that perpetrators face the full force of the law.

In addition to the vast sums of counterfeit currency, EFCC operatives also recovered other valuable assets during the raids on the suspects’ shrines. These include two exotic cars and a collection of mobile phones, which are believed to have been acquired through the proceeds of their alleged fraudulent activities. These recovered items will serve as crucial evidence in the impending legal proceedings against the syndicate members, further solidifying the case for their prosecution.

The suspects remain in EFCC custody as investigators work diligently to conclude all aspects of the ongoing inquiry. Upon the completion of these thorough investigations, the five alleged fraudsters will be formally charged in court. This legal process aims to hold them accountable for their alleged crimes, which have caused significant financial and emotional distress to their victims, and to send a strong message to others engaged in similar illicit practices.

This case serves as a stark reminder to the public about the prevalence of sophisticated financial scams and the importance of exercising extreme caution when dealing with individuals or groups promising quick wealth or miraculous solutions, especially those involving large sums of money or spiritual interventions. The EFCC continues to urge citizens to report suspicious activities and to be wary of schemes that seem too good to be true, as they often conceal fraudulent intentions.

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Keywords: EFCC arrest, Counterfeit currency Nigeria, Herbalist fraud syndicate, Financial crimes Nigeria, Ibadan Zonal Directorate, Spiritual cleansing scam, N26.5 million fraud, Fake US dollars Euros