EFCC Uncovers Massive Counterfeit Dollar and Euro Syndicate Disguised as Herbalists
The Economic and Financial Crimes Commission (EFCC) has uncovered a sophisticated counterfeit currency operation allegedly run under the cover of traditional healing practices in Osun and Lagos States.
Operatives from the Ibadan Zonal Directorate arrested five suspects linked to the scheme after weeks of surveillance and intelligence gathering. The suspects, described as herbalists, were allegedly involved in defrauding victims by exploiting spiritual beliefs and promising supernatural financial breakthroughs.
According to investigators, the arrests followed a complaint involving a woman identified as Halima Sanni, who allegedly lost over ₦26.5 million to the group. EFCC operatives tracked the suspects to different shrine locations across Osun and Lagos, where coordinated arrests were carried out in early December.
During the operation, officials recovered a staggering cache of counterfeit foreign currency, including millions of United States dollars and hundreds of thousands of euros, believed to have been used to deceive victims.
The Alleged Modus Operandi
Preliminary findings indicate that the suspects allegedly convinced victims they possessed mystical powers capable of producing foreign currency through spiritual means. Victims were reportedly told that the money needed ritual “cleansing” before it could be spent, requiring large cash payments for sacrifices and ceremonies.
Investigators believe psychological manipulation and hypnosis were used to pressure victims into surrendering large sums of money, under the guise of spiritual assistance and supernatural guarantees.
Items Recovered
In addition to the counterfeit foreign notes, EFCC operatives recovered:
1) Two luxury vehicles
2) Several mobile phones
3) Other materials believed to be linked to the alleged fraud
Authorities say these items are now part of ongoing forensic and financial investigations.
The suspects are currently in custody as investigations continue. The EFCC has confirmed that they will be formally charged in court once inquiries are concluded.
The commission has also used the case to caution the public against individuals who promise miraculous financial solutions, warning that such claims are often linked to elaborate fraud schemes.
This development underscores the EFCC’s continued focus on tackling economic crimes that exploit cultural beliefs and financial desperation, as well as its broader efforts to protect citizens from sophisticated scams masquerading as spiritual services.
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