Police operatives in Ondo State have raided a suspected counterfeit currency printing factory in Odigbo Local Government Area, arresting one suspect and recovering three bags of suspected fake United States dollar notes.
The operation followed an investigation into an alleged fraud involving $6,000 reportedly exchanged for naira.
The Ondo State Police Command said the suspect, identified as Peter Desmond, was arrested at a suspected production facility in Kiniso Village, near Ajue, Odigbo LGA.
The police also recovered a small wooden box and other materials believed to be connected to the illegal currency production.
How the alleged $6,000 fraud happened
According to the police, the investigation began after Yusuf Nasiru, a resident of Sabo, Okitipupa, reported an alleged fraud involving two men, Peter Desmond and Olami Toro.
The complainant said the men approached him at his shop on October 25, 2026, requesting to exchange US dollars for their naira equivalent.
He reportedly handed over $6,000, valued at approximately ₦8.6 million, to the men.
However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollar notes, claiming they did not have enough money to complete the transaction, before leaving.
Nasiru later discovered that the returned dollar notes were counterfeit after examining them more closely. He subsequently reported the incident to the police on October 28.
Police raid suspected counterfeit factory
Following the complaint, operatives from the Okitipupa Divisional Police Headquarters launched an investigation involving intelligence gathering and technical tracking.
The police said their investigation led them to Peter Desmond at Kiniso Village, via Ajue, in Odigbo Local Government Area.
On October 29, operatives raided the suspected hideout believed to be used for producing and printing counterfeit dollar notes intended to defraud unsuspecting members of the public.
One suspect was arrested during the operation, while other occupants of the premises reportedly escaped through a perimeter fence.
A search of the facility led to the recovery of three bags containing suspected counterfeit US dollar notes and a small wooden box.
The recovered items were taken into police custody as exhibits.
Investigation ongoing
The Police Public Relations Officer, DSP Abayomi Jimoh, confirmed the development in an official statement made available to journalists in Akure on Tuesday.
He disclosed that the arrested suspect was assisting investigators with useful information to support further investigations.
The police have yet to announce the arrest of the second suspect or other individuals who reportedly escaped during the raid.
