By Ayomide Otitoju
Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have uncovered large consignments of counterfeit foreign currencies valued at $3.43 million and €280,000 from a five-member syndicate accused of defrauding a victim of ₦26.55 million.
The suspects were arrested on December 7 and 8, 2025, at their shrines in Osun and Lagos states, following sustained surveillance and intelligence-led operations, according to a statement issued by the EFCC’s Head of Media and Publicity, Dele Oyewale.
Oyewale said investigations revealed that the suspects, who allegedly posed as herbalists, defrauded individuals under the guise of offering spiritual cleansing and remedies for various ailments.
He added that the syndicate allegedly convinced victims that they possessed supernatural powers to produce large sums of foreign currency, which they claimed had to be spiritually “cleansed” by a genie through sacrifices before being spent. Victims were reportedly hypnotised and persuaded to part with large sums of money to fund the purported rituals.
The EFCC spokesperson said the suspects would be charged to court upon the conclusion of investigations.
