The Economic and Financial Crimes Commission has arrested five members of a syndicate who specialized in counterfeiting foreign currencies, especially the dollar, for sale to unsuspecting members of the public.

Acting on intelligence, the commission, in a joint operation with operatives of the National Drug Law Enforcement Agency, arrested four members of the syndicate on December 8, 2021, at Swiss Pearl Continental Hotel, Koforidua Street, in the Wuse 2 area of Abuja with fake $427,400.

The suspects include Fashanu Adesina, John Ogbaje, Emmanuel Bassey, and Chidi Nwachukwu.

A statement on Tuesday by the EFCC spokesman Wilson Uwujaren, titled, ‘EFCC smashes fake currency syndicate,’ said “The suspects volunteered useful statements which eventually led to the arrest of the syndicate’s kingpin, one Chief Douglas Mbonu on Tuesday, December 14.

“The commission wishes to warn members of the public to be wary of the activities of fraud syndicates masquerading as Bureau de Change operators, seeking to exploit the desperation of some citizens sourcing for forex for various purposes to defraud them of their hard-earned monies.

“Citizens are advised to source their forex from commercial banks in line with the directives of the Central Bank of Nigeria to minimize the risk of exposure to fraud syndicates.”