Over 200 BDC suspects have been arrested by the EFCC for forex scam and currency speculation

The Economic and Financial Crimes Commission has arrested over 200 suspects in connection with foreign exchange scams and manipulation of the financial markets.

“Not all the arrested suspects are in Abuja or at our headquarters because they were arrested in various states across the country”

Another source noted, “I can confirm that we have arrested over 200 people for foreign exchange scam and manipulation of the financial markets; they are all being interrogated by our investigators to determine the degrees of their involvements. Most of them were arrested in Abuja, Lagos, Rivers, and Kano States.”

Also, a third source stated, “The clampdown on the forex scammers would yield positive results. Many of them have been arrested, and they will face the consequences of their actions.”

The raid of the Bureau de Change Foreign Exchange operators is part of the Federal Government’s efforts to tame the free fall of the local currency.

The government has blamed the actions of speculators in the forex market and digital marketing sphere for the significant depreciation of the naira.

On Friday, May 17, operatives of the Uyo Zonal command of the EFCC arrested five suspected forex speculators at the Ama-Hausa mosque, along Hospital Road, Aba in Abia State.

The arrested suspects are: Hassan Umaru; Haruna Umar, Badamasi Abdullahi, Auwal Muhammed and Kasimu Muhammed.

The spokesperson for the EFCC, Dele Oyewale, in a statement, revealed that the suspects had different currencies in varied sums at the point of arrest.

Oyewale said, “The recovered currencies are: 23,000 Won (Korean currency), 52 (Yuan Chinese currency),  $6, 500 Nippon Ginko, 40 notes of Dalawampung Piso (Philippines currency), 20 Gambian Dalasis, 20 Swaziland currency and N382,000.

 “Other recovered items from them are seven mobile phones, one power bank, one air pod, and one ATM card.

 “They were arrested by operatives of the command, following weeks of surveillance and credible intelligence. The suspects will be charged to court as soon as investigations are concluded.”