Ondo Police Raid Fake Dollar Factory, Arrest Suspect, Recover Three Bags of Notes

The Ondo State Police Command has uncovered a suspected counterfeit currency production site in Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected fake United States dollar notes.

The operation, which took place on October 29 at Kiniso Village, via Ajue, followed investigations into a reported currency exchange fraud involving two men who allegedly returned counterfeit dollars to a man after failing to complete a transaction.

The Police Public Relations Officer, DSP Abayomi Jimoh, disclosed this in a statement issued on Tuesday.

According to the police, the complainant, identified as Yusuf Nasiru, reported on October 28 that two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, had approached him at his shop on October 25 to exchange US dollars for their naira equivalent.

Jimoh said Nasiru subsequently handed over $6,000, estimated at approximately ₦8.6 million, to the two men.

However, the suspects allegedly returned the dollar notes, claiming they did not have enough money to complete the transaction, before leaving the premises.

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The complainant reportedly discovered upon closer examination that the returned dollar notes were counterfeit, prompting him to report the incident to the police.

“Upon receipt of the complaint, operatives from Okitipupa Divisional Headquarters immediately commenced discreet investigative activities.

“Through intelligence gathering and technical tracking, the team traced one of the suspects, Peter Desmond, to Kiniso Village, via Ajue, in Odigbo Local Government Area,” the statement said.

The police said operatives, acting on intelligence provided by community members, raided the suspected hideout on October 29.

During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through a perimeter fence.

A subsequent search of the premises led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box.

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The recovered items were taken into police custody as exhibits, while the arrested suspect reportedly provided useful information to assist the ongoing investigation.

Meanwhile, the Commissioner of Police, Ondo State Command, CP Felix Ohagwu, has directed that investigations be intensified to identify and apprehend other individuals allegedly connected to the operation.

The command said the investigation would establish the extent of the suspected counterfeit currency network and ensure that anyone found culpable was brought to justice.

It also warned members of the public against engaging in suspicious foreign exchange transactions with unverified individuals or accepting unusually attractive exchange offers outside recognised and authorised channels.

Residents were further advised to authenticate foreign currencies before accepting them in financial transactions and report suspicious activities to the nearest police station.

The command reiterated its commitment to combating financial crimes and other criminal activities across the state.

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