The Police in Kano State have arrested seventeen suspected forex hawkers for illegal operation of Bureau de Change.
Spokesman of the command, SP. Abdullahi Haruna Kiyawa confirmed the arrest in a statement issued to newsmen.
He said the arrest followed a raid conducted by the Kano Police Command with combined personnel of the Department of State Services (DSS) at locations where FOREX Transactions were being carried out in Wappa Bureau De Change, Fagge LGA, Kano.
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According to him “At the end of the operation, a total of twenty-nine (29) people were arrested out of which twelve (12) were screened out for lack of evidence, while seventeen (17) were arrested with the following exhibits recovered; (1) Sum of Sixty-eight Thousand (68,000) CFA, and (2) Thirty (30) Rupees (Indian Currency).”
He said further investigation revealed that the seventeen suspects were operating under one Association of unlicensed Bureau De Change and they will be charged to Court for prosecution.
SP Kiyawa explained that the essence of the operation was to flush out elements that operate illegally to stabilize the foreign exchange market in the country.
The arrest excluded genuine Bureau de Change operators who carry on their legitimate businesses in their offices.
The State Commissioner of Police, CP Mohammed Usaini Gumel, noted that illegal financial activities would not be tolerated, and that those engaging in such practices would 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 always avoid unwholesome practices.
