From Desmond Mgboh, Kano
The Kano State Police Command has arrested 17 suspected forex operators for engaging in illegal Bureau de Change operations within the state.
A statement issued by the Command’s Public Relations Officer, Abdullahi Haruna Kiyawa, confirmed that the suspects have confessed to the crime and will be charged to court for prosecution.
The statement explained that on May 7, 2024, the Command conducted a raid on locations where illegal FOREX transactions were being carried out. The operation, led by the Police Command, was conducted at Wappa Bureau de Change in Fagge LGA, Kano, with the combined personnel of the Department of State Service (DSS).
During the operation, a total of 29 individuals were arrested. After screening, 12 were released due to lack of evidence, while 17 remained in custody.
The suspects were apprehended with exhibits including the sum of Sixty-eight Thousand (68,000) CFA and thirty Rupees (Indian Currency).
Further investigations revealed that the suspects operated under an umbrella organisation called the Association of Unlicensed Bureau de Change.
Kano State Commissioner of Police, Mohammed Usaini Gumel, explained that the operation aimed to flush out illegal operators and stabilise the foreign exchange market in the country. He clarified that the arrests targeted illegal operators and did not include legitimate Bureau de Change operators conducting business within their offices.
He commended the combined operatives of the Nigeria Police Force and the Department of State Service (DSS) for their commitment and cooperation in ensuring the success of the operation.
The Commissioner emphasised that this operation sends a clear message that illegal financial activities will not be tolerated and those engaging in such practices will face the full wrath of the law.
He advised all individuals and business operators within the financial sector to operate within the confines of the law, obtain the necessary licenses, and avoid unwholesome practices.