(DDM) – Operatives of the Economic and Financial Crimes Commission have arrested five suspected herbalists over their alleged involvement in a large-scale fake currency operation spanning Lagos and Osun States, following a detailed fraud complaint that exposed an elaborate criminal network.
DDM gathered that the arrests followed a petition alleging a N26.5 million fraud, which prompted EFCC investigators to track the suspects across multiple locations, eventually uncovering huge stashes of counterfeit foreign currencies hidden under the guise of traditional spiritual practices.
According to official sources, the suspects were apprehended during coordinated operations conducted by EFCC officers after weeks of intelligence gathering and surveillance aimed at dismantling the syndicate.
The commission disclosed that items recovered during the arrests included fake United States dollars valued at approximately $3.43 million and counterfeit euros amounting to €280,000, raising fresh concerns about the sophistication of financial crimes in Nigeria.
Investigators said the suspects allegedly posed as herbalists and spiritual consultants, using ritual claims and fake charms to lure unsuspecting victims seeking quick wealth, protection, or financial breakthroughs.
EFCC officials revealed that the operation began after a complainant alleged that he was defrauded of N26.5 million under the pretext that the suspects could spiritually “multiply” money using special concoctions and prayers.
During the investigation, EFCC operatives reportedly traced suspicious financial movements and communication links that connected the suspects to both Lagos and Osun States.
The commission said raids were conducted on multiple properties linked to the suspects, where large sums of fake foreign currencies, ritual materials, containers, and documents were recovered.
Sources within the EFCC explained that preliminary findings suggest the suspects may be part of a wider criminal ring that specialises in ritual-related financial scams and counterfeit currency schemes.
The recovery of such a large volume of fake dollars and euros has raised alarm within law enforcement circles, given the potential damage to Nigeria’s financial reputation and internal security.
EFCC officials noted that counterfeit currency crimes not only defraud individuals but also pose serious risks to the economy by undermining trust in financial transactions and cross-border trade.
The commission further stated that investigations are ongoing to determine the source of the fake currencies and whether international collaborators are involved.
Authorities said forensic analysis would be carried out on the recovered materials to establish the scale of the operation and identify possible links to other unresolved fraud cases.
The suspects are currently in EFCC custody and are expected to be charged to court upon the conclusion of investigations.
EFCC spokespersons reiterated the agency’s commitment to cracking down on emerging forms of financial crime, especially schemes that exploit cultural beliefs and economic desperation.
They warned members of the public to be cautious of individuals promising supernatural wealth or financial miracles, noting that such claims often mask criminal intentions.
The commission also urged victims of similar scams to come forward with information that could assist ongoing investigations.
Observers say the case highlights how economic hardship continues to fuel the growth of ritual-related frauds, with criminals adapting traditional narratives to modern financial crimes.
Analysts believe the arrests reflect a broader effort by the EFCC to target unconventional fraud networks that operate outside traditional banking and cybercrime structures.
As the investigation unfolds, the EFCC insists that no suspect will be shielded, stressing that the rule of law will prevail regardless of the methods criminals use to disguise their activities.
The case has once again drawn national attention to the evolving nature of fraud in Nigeria, as authorities intensify efforts to protect citizens and safeguard the integrity of the financial system.
