Money-doubling fraudster arrested with over N146m worth of fake notes
The Economic and Financial Crimes Commission on Saturday arrested a suspected fraudster, one Samson Otuedon, at Masaka, Karu Local Government Area of Nasarawa State for currency counterfeiting.
The commission said luck ran out on Otuedon, who allegedly specialized in counterfeiting foreign currencies, when it got intelligence report on his activities last Friday.
They promptly put the area under surveillance, and arrested the suspect.
EFCC said fake foreign currencies totaling over $400,000 (N146million) were recovered.
While being interrogated, Otuedon admitted that the fake dollars were given to him by other members of his syndicate based in Lagos.
According to him, one of their mode of operation was giving people with genuine dollars part of the fake dollars; that way, it is easily infiltrated into the system.
Otuedon also confessed that the syndicate use the fake dollars for money doubling.
The suspect will be charged to court as soon as investigations are concluded.
