Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have seized counterfeit foreign currencies worth $3.43 million and €280,000 from a five-member syndicate accused of defrauding a victim of N26.55 million.
The suspects, identified as herbalists Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan, were arrested on December 7 and 8, 2025, at their shrines in Osun and Lagos states following intelligence-led surveillance of their alleged fraudulent operations.
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In a statement on Wednesday, EFCC’s Head of Media and Publicity, Dele Oyewale, said investigations showed the suspects allegedly defrauded victims under the guise of providing spiritual cleansing and remedies for various ailments.
Oyewale explained that the syndicate claimed to possess powers to conjure large sums of money, which they told victims had to be spiritually purified by a genie through sacrifices before use. Victims were reportedly hypnotised into providing funds for the supposed rituals.
He added that two exotic vehicles and several mobile phones were recovered during the operation.
The EFCC spokesman said the suspects would be charged to court upon the conclusion of investigations.
