In a bid to curb the rising cases of foreign exchange fraud and manipulation of the financial markets, the Economic and Financial Crimes Commission (EFCC) has arrested over 200 Bureau De Change (BDC) operators across the country. The suspects, who were arrested in a series of coordinated raids, are being interrogated to determine the extent of their involvement in the illicit activities.
The crackdown on the forex scammers is part of the Federal Government’s efforts to stabilize the local currency, which has been experiencing significant depreciation in recent times. According to government officials, the actions of speculators in the forex market and digital marketing sphere have contributed significantly to the naira’s free fall.
The EFCC’s Uyo Zonal command also arrested five suspected forex speculators at the Ama-Hausa mosque, along Hospital Road, Aba in Abia State. The suspects, who were found with various foreign currencies, will be charged to court as soon as investigations are concluded.
In a related development, the EFCC has arraigned a forex broker, Daniel Chukwuka Koussou, before Justice C. O. Ajah of the State High Court sitting in Independence Layout, Enugu State. He was arraigned on a one-count charge bordering on criminal conversion and stealing of N112.8 million.
According to the EFCC, Koussou, who is the Managing Director of DK Suisse Limited, allegedly converted the sum of N112.8 million, which was entrusted to him by a customer, for his personal use. The offence is contrary to Section 383 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004, and punishable under Section 390 of the same Act.
The EFCC’s efforts to tackle forex fraud and other financial crimes have been yielding positive results in recent times. Just last month, the commission secured the conviction of a fraudster who was sentenced to 14 years imprisonment for defrauding unsuspecting investors of over N150 million.
As the EFCC continues its crackdown on forex fraudsters, financial experts have hailed the move as a step in the right direction. According to them, the stability of the financial markets and the local currency depends largely on the actions of regulators and law enforcement agencies.