A suspected counterfeit dollar production site has been uncovered in Ondo State after a man allegedly lost $6,000, estimated at ₦8.6 million, in a fraudulent currency exchange deal.
The Ondo State Command of the Nigeria Police Force confirmed that it arrested one suspect during a raid on the suspected facility in Kiniso Village, via Ajue, in Odigbo Local Government Area.
Naija News reports that three bags containing suspected fake United States dollar notes were also recovered during the operation.
The Police Public Relations Officer, DSP Abayomi Jimoh, disclosed this in a statement issued on Tuesday, November 3.
According to the police, the investigation started after a man identified as Yusuf Nasiru reported that two men had allegedly deceived him during a dollar-to-naira exchange transaction.
Jimoh said Nasiru reported to the police on October 28 that the two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, visited his shop on October 25 to exchange dollars for their naira equivalent.
The complainant reportedly handed over $6,000, valued at about ₦8.6 million, to the men.
However, instead of paying him the naira equivalent, the suspects allegedly returned the dollar notes, claiming they did not have enough money to complete the transaction.
They subsequently left the shop.
The complainant later discovered that the dollars returned to him were counterfeit and immediately reported the matter to the police.
The statement said operatives from the Okitipupa Divisional Police Headquarters began investigations and used intelligence gathering and technical tracking to trace one of the suspects, Peter Desmond, to Kiniso Village.
Acting on information from members of the community, the operatives 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.
The police said a search of the property led to the recovery of three bags containing suspected fake US dollar notes and a small wooden box.
The items were taken into police custody as exhibits, while the arrested suspect reportedly provided useful information to assist the investigation.
Meanwhile, the Commissioner of Police in Ondo State, CP Felix Ohagwu, has ordered an intensified investigation to track down other persons allegedly connected to the operation.
The command said the investigation would also establish the size of the suspected counterfeit currency network and ensure that anyone found involved is brought to justice.
The police also warned residents against engaging in suspicious foreign exchange transactions with unverified individuals, particularly those offering attractive deals outside recognised and authorised channels.
Members of the public were advised to check the authenticity of foreign currencies before accepting them and report suspicious activities to the nearest police station.
The command reiterated its commitment to tackling financial crimes and other criminal activities across the state.
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