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 followed a complaint by a businessman, Yusuf Nasiru, from Sabo, Okitipupa, who allegedly lost $6,000, equivalent to about N8.6 million, to two men in a fraudulent foreign exchange transaction. The suspects reportedly approached Nasiru for a currency exchange transaction but allegedly returned counterfeit dollar notes to him.
According to Nasiru, the incident occurred on October 25, 2026, when two men, identified as Peter Desmond and Olami Toro, visited his shop and requested to exchange United States dollars for their naira equivalent. He said he handed over $6,000 to the men but they later returned the money, claiming they did not have enough funds to complete the transaction, before leaving.
Nasiru said he subsequently discovered that the dollar notes returned to him were counterfeit and reported the incident to the police on October 28. The State Police Public Relations Officer, Abayomi Jimoh, who confirmed the arrest and discovery of the suspected printing factory, said detectives immediately commenced an investigation following the complaint.
Jimoh said operatives from the Okitipupa Divisional Police Headquarters launched an investigation, while intelligence gathering and technical tracking led them to Kiniso Village, where one of the suspects was traced. He disclosed that police operatives raided the suspected hideout on October 29 following intelligence provided by members of the community.
However, some occupants reportedly escaped through the perimeter fence during the operation. 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, reportedly provided useful information to assist the ongoing investigation. The police spokesman said the command had ordered an intensified investigation to apprehend other members of the suspected criminal network and establish the full extent of its operations.
He reiterated the command’s commitment to bringing all those found culpable to justice and warned members of the public against engaging in suspicious foreign exchange transactions with unverified individuals. Jimoh also advised residents to authenticate foreign currencies before accepting them and report suspicious activities to the nearest police station.
