The Ondo State Police Command has uncovered a suspected counterfeit United States dollar printing factory in Kiniso Village, via Ajue, Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected counterfeit dollar notes and other materials believed to be connected to the illicit operation.
The breakthrough, according to the police, followed a complaint by a man who was allegedly defrauded of $6,000 in a fraudulent foreign currency exchange transaction involving two men.
The complainant, Yusuf Nasiru, a male resident of Sabo, Okitipupa, reportedly lodged the complaint on October 28, 2026, at the Okitipupa Divisional Police Headquarters.
He told the police that on October 25, two men identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, approached him at his shop with a proposal to exchange United States dollars for their naira equivalent.
According to the complainant, he handed over $6,000, valued at approximately ₦8.6 million, to the two men in the course of the transaction.
However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollar notes to him, claiming that they did not have sufficient funds to complete the exchange.
The two men were said to have subsequently left the shop, leaving the complainant with the returned dollars.
Nasiru reportedly discovered, upon closer examination of the notes, that the currency was counterfeit, prompting him to report the incident to the police.
Following the complaint, operatives of the Okitipupa Divisional Police Headquarters reportedly launched discreet investigations into the alleged fraud.
Through intelligence gathering and technical tracking, the police said they were able to trace one of the suspects, Peter Desmond, to Kiniso Village, via Ajue, in Odigbo Local Government Area.
Acting on credible intelligence provided by members of the community, the operatives stormed the suspected hideout on October 29, 2026.
The police said the raid uncovered what was believed to be a facility used for the production and printing of counterfeit United States dollar notes intended to defraud unsuspecting members of the public.
During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through the perimeter fence.
A search of the premises led to the recovery of three bags containing suspected counterfeit United States dollar notes, as well as a small wooden box believed to be connected to the operation.
