The Economic and Financial Crimes Commission (EFCC) says it has arrested members of a syndicate who specialised in counterfeiting foreign currencies, especially the dollar, for sale to the public.

According to the EFCC, the syndicate, including a woman, were arrested at Swiss Pearl Continental Hotel, Koforidua Street, in Wuse Zone 2, Abuja, with fake $427,400.

Wilson Uwujaren, the spokesperson for the commission, stated this in a statement on Tuesday in Abuja.

The EFCC disclosed that the operation was carried out jointly with operatives of the National Drug Law Enforcement Agency (NDLEA) which resulted in the arrest of four members of the syndicate.

“They volunteered useful statements which eventually led to the arrest of the syndicate’s kingpin, one Douglas Mbonu. The commission wishes to warn members of the public to be wary of the activities of fraud syndicates masquerading as bureau de change operators,” the statement explained. “Such operators (are) seeking to exploit the desperation of some citizens sourcing for forex for various purposes to defraud them of their hard-earned monies.”

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

(NAN)