The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) has announced the arrest of twelve individuals suspected of engaging in illegal Bureau de Change (BDC) operations.
The arrests were confirmed by the EFCC’s Head of Media and Publicity, Dele Oyewale, in an official statement released to the press.
According to the commission, the suspects were apprehended on Wednesday following a meticulous operation driven by intelligence reports and a period of discreet surveillance conducted by its operatives.
Preliminary investigations indicate that the individuals were operating currency exchange businesses, or BDC, without the mandatory licenses and regulatory approvals required by law.
The EFCC’s statement detailed that items recovered during the operation included various sums of money in both local and foreign currencies, alongside luxury jewellery.
These findings form part of the evidence against the suspects, who are currently undergoing profiling as the investigation continues.
The commission has reiterated its commitment to sanitising the financial environment and enforcing compliance with regulations designed to ensure the stability and integrity of the foreign exchange market.
All twelve suspects remain in custody and will be formally charged in court as soon as the EFCC concludes its ongoing investigations. This action is part of a broader crackdown on economic and financial crimes within the country.
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cc: Daily Post NG
