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

The operation followed a complaint by a resident of Okitipupa, identified as Yusuf Nasiru, who reportedly lost $6,000 in an alleged fraudulent foreign exchange transaction.

According to the police, the incident occurred on October 25 when two men, identified as Peter Desmond and Olami Toro, approached the complainant at his shop and offered to exchange United States dollars for their naira equivalent.

Nasiru reportedly handed over $6,000, valued at approximately ₦8.6 million, to the men.

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

The complainant later discovered that the notes returned to him were counterfeit and reported the incident to the police on October 28.

The Police Public Relations Officer, DSP Abayomi Jimoh, said operatives attached to the Okitipupa Divisional Police Headquarters immediately commenced investigations.

Through intelligence gathering and technical tracking, the officers reportedly traced one of the suspects to Kiniso Village in Odigbo Local Government Area.

Police operatives subsequently raided the suspected hideout on October 29, leading to the arrest of one suspect, while other occupants reportedly escaped through a perimeter fence.

A search of the premises resulted in the recovery of three bags containing suspected counterfeit dollar notes and a small wooden box.

The police said the recovered materials had been taken into custody as exhibits, adding that the arrested suspect was providing information to assist ongoing investigations.

The command also said efforts were being intensified to identify and apprehend other individuals allegedly connected to the operation.

The incident highlights the risks associated with informal foreign currency transactions and the need for members of the public to exercise caution when dealing with unfamiliar individuals offering currency exchange services.

Source: PUNCH Newspapers and Daily Mirror Nigeria.