The Ondo State Police Command has raided a suspected counterfeit currency production facility 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, near Ajue, followed an investigation into an alleged currency exchange scam involving two men who reportedly defrauded a businessman of $6,000.
The Police Public Relations Officer of the command, DSP Abayomi Jimoh, disclosed the development in a statement issued on Tuesday, November 3.
According to the police, the incident began on October 25 when two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, allegedly approached a businessman, Yusuf Nasiru, at his shop to exchange US dollars for their naira equivalent.
Jimoh said Nasiru handed over $6,000, estimated at approximately N8.6m, to the men during the transaction.
However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollar notes, claiming they did not have enough money to complete the transaction, before leaving the premises.
The complainant reportedly discovered upon closer examination that the dollars returned to him were counterfeit and subsequently reported the incident to the police on October 28.
Following the complaint, operatives attached to the Okitipupa Divisional Police Headquarters launched an investigation, deploying intelligence gathering and technical tracking to identify and locate the suspects.
The investigation reportedly led officers to Peter Desmond, who was traced to Kiniso Village, via Ajue, in Odigbo Local Government Area.
Acting on intelligence provided by members of the community, the police raided the suspected hideout on October 29.
The operation resulted in the arrest of one suspect, while other occupants of the premises reportedly escaped by climbing over the perimeter fence.
A search of the facility led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box. The recovered items were taken into police custody as exhibits.
The police spokesman said the arrested suspect had provided useful information that was assisting investigators in their efforts to unravel the operation and track down other persons connected to the alleged crime.
Meanwhile, the Commissioner of Police in Ondo State, CP Felix Ohagwu, has ordered an intensified investigation into the case, with a view to identifying and apprehending all individuals allegedly involved in the suspected counterfeiting operation.
The command said investigators were working to establish the full extent of the operation and determine whether the facility was connected to a wider counterfeit currency network.
The police also cautioned members of the public against engaging in suspicious foreign exchange transactions with unverified individuals, particularly deals offering unusually attractive rates outside recognised and authorised channels.
Residents were advised to carefully authenticate foreign currencies before accepting them in financial transactions and promptly report suspicious activities to the nearest police station.
The command reiterated its commitment to tackling financial crimes and other criminal activities across the state, assuring residents that efforts were ongoing to ensure that those responsible were brought to justice.
