Police arrest 17 ‘illegal BDC operators’ in Kano

The police command in Kano has arrested 17 suspected forex traders for illegal bureau de change (BDC) operations.

The suspects were arrested in Wapa, Fagge LGA of the state.

On Wednesday, Usaini Gumel, the commissioner of police in Kano, said 29 people were arrested but 12 were cleared.

He said officers recovered 68,000 CFA, and 30 Rupees from the 17 forex hawkers.

Gumel said all the suspects confessed to the offence, adding that they will be charged to court.

“The operation which was led by the Police Command was carried out in Wapa Bureau De Change, Fagge with combined personnel of the Department of Security Services (DSS),” he said.

“We recovered 68,000 CFA, and 30 Rupees (Indian Currency) from them. All the suspects confessed to the offence and will be charged to court.

“This operation was carried out to flush out elements who operate illegally in order to destabilize the foreign exchange market in the country.”

The police commissioner advised all individuals and businesses in the financial sector to operate within the confines of the law.

“The security measures put in place have sent the message that illegal financial activities will not be tolerated, and that those engaging in such practices will be made to face the full wrath of the law,” he said.

In February, the police arrested 19 bureau de change operators and charged them with “conspiracy, unlawful operation of forex trading as BDC operators, without a licence from regulatory agencies, and deriving various sums of money from such unauthorised trading”.

Subsequently, the police counsel withdrew the charges against the defendants.