Police, DSS Crackdown on Illegal Currency Exchange in Kano

In a decisive move against economic crime, Kano police and operatives from the Department of Security Service (DSS) have detained seventeen individuals on charges of operating an unauthorized currency exchange business. The arrests took place on May 7, 2024, during a coordinated raid targeting several illicit Bureau De Change offices across the city.

Authorities reported that the suspects were allegedly involved in significant financial transactions without the requisite licenses or oversight, potentially destabilizing the local economy. This operation forms part of a broader strategy to clamp down on financial misconduct and reinforce regulatory compliance within the state’s burgeoning foreign exchange sector.

During the raids, police seized substantial amounts of foreign and local currencies, alongside documents and electronic equipment believed to be used for their unlicensed operations. These items are currently under examination to ascertain the full extent of the illegal activities.

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