The Ondo State Police Command says it has uncovered a suspected counterfeit dollar production centre in Odigbo Local Government Area, arresting one suspect and recovering three bags of fake United States currency.
The operation was conducted on October 29 at Kiniso Village, via Ajue, following a report by a businessman who allegedly received fake dollar notes from two men during a foreign exchange transaction.
The command's spokesperson, DSP Abayomi Jimoh, who confirmed the development in a statement on Tuesday, said the complainant, Yusuf Nasiru, reported the incident to the police on October 28.
Jimoh explained that Nasiru had told investigators that two men, identified as Peter Desmond and Olami Toro, approached him at his shop on October 25, seeking to exchange US dollars for naira.
The complainant reportedly handed over $6,000, valued at approximately N8.6m, to the men.
However, the suspects allegedly returned the dollar notes shortly afterwards, claiming they were unable to raise enough naira to complete the transaction, before leaving the premises.
Nasiru later discovered that the notes were counterfeit and immediately reported the matter to the police.
According to Jimoh, operatives attached to the Okitipupa Divisional Headquarters launched an investigation and deployed intelligence gathering and technical tracking to locate the suspects.
The investigation reportedly led the police to Kiniso Village, where one of the suspects, Desmond, was traced.
Jimoh said operatives subsequently raided the location with assistance from information supplied by members of the community.
“One suspect was arrested, while other occupants of the premises reportedly escaped through the perimeter fence,” he stated.
A search of the premises reportedly yielded three bags containing suspected counterfeit US dollar notes and a small wooden box.
The recovered items were taken away as exhibits, while the arrested suspect was said to have provided useful information to investigators.
The police did not reveal the number or total face value of the suspected fake notes recovered during the raid.
The Commissioner of Police, Ondo State Command, CP Felix Ohagwu, has directed officers handling the case to intensify investigations and apprehend other individuals suspected to be connected with the operation.
The command said efforts were ongoing to establish the scale of the suspected counterfeiting operation and bring all those involved to justice.
It also urged residents to exercise caution when conducting foreign exchange transactions, warning against dealing with unknown individuals or accepting offers that appear unusually attractive.
The police advised members of the public to verify the authenticity of foreign currencies before accepting them and report suspicious transactions or activities to security agencies.
The development comes amid persistent concerns over currency-related fraud in the country, particularly schemes involving counterfeit foreign currencies and fraudulent exchange deals.
The Ondo police command assured residents that it would sustain efforts to combat financial crimes and protect the public from criminal activities.
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