Men of the Ondo State Police Command have uncovered a suspected counterfeit United States dollar printing factory in Kiniso Village, via Ajue, Odigbo Local Government Area, arresting one suspect and recovering three bags of suspected fake dollar notes.
The operation, according to the police, followed a complaint by a businessman, Yusuf Nasiru, of Sabo, Okitipupa, who allegedly lost $6,000, valued at about N8.6 million, to two men in a fraudulent foreign exchange transaction.
It was gathered that the two suspects approached Nasiru for a foreign currency exchange transaction but allegedly returned counterfeit dollar notes to him.
The incident, which occurred at the complainant’s shop in Sabo, Okitipupa, reportedly led to the discovery of a suspected counterfeit dollar printing factory in Kiniso Village, via Ajue.
According to Nasiru, the suspects, identified as Peter Desmond and Olami Toro, approached him at his shop on October 25, 2026, seeking to exchange United States dollars for their naira equivalent.
Nasiru said he handed over $6,000 to the men but, while waiting to receive the naira equivalent, they allegedly returned the money, claiming they did not have sufficient funds to complete the transaction, before leaving.
He later discovered that the dollar notes returned to him were counterfeit and subsequently lodged a complaint with the police on October 28.
The State Police Public Relations Officer, Abayomi Jimoh, who confirmed the arrest and discovery of the printing factory, said detectives from the command swung into action immediately after the incident was reported.
The police spokesman said operatives from the Okitipupa Divisional Police Headquarters commenced an investigation following the complaint. He added that intelligence gathering and technical tracking led them to Kiniso Village, where one of the suspects was traced.
Jimoh said operatives raided the suspected hideout on October 29 following intelligence from members of the community, but some occupants reportedly escaped through the perimeter fence.
He, however, said a search of the premises led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box believed to be connected to the alleged illegal printing operation.
The arrested suspect, whose identity was not disclosed by the police, was said to have provided useful information to assist the ongoing investigation.
The PPRO said the command had ordered an intensified investigation to track down other members of the suspected criminal network and establish the full extent of its operations.
Jimoh, who maintained that the command was determined to ensure that all those found culpable were brought to justice, also warned members of the public against engaging in suspicious foreign currency transactions with unverified individuals.
He urged residents to authenticate foreign currencies before accepting them and report suspicious activities to the nearest police station.
Tribune
