NEWS
Fake Dollars Flood Market? Police Raid Ondo Printing Factory, Recover Three Bags of Counterfeit Notes
Fake Dollars Flood Market? Police Raid Ondo Printing Factory, Recover Three Bags of Counterfeit Notes
Ondo State Police Command uncovers a suspected counterfeit United States dollar printing factory in Odigbo Local Government Area.
The operation follows a currency exchange scam in which a businessman allegedly lost $6,000, valued at approximately N8.6 million.
Police arrest one suspect, while other occupants of the suspected factory escape through a perimeter fence.
Three bags of suspected counterfeit dollar notes and a wooden box are recovered as police intensify investigations to track down other suspects.
November 03, () – The Ondo State Police Command has uncovered a suspected counterfeit United States dollar printing factory in Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected fake dollar notes.
The discovery followed an alleged currency exchange scam involving $6,000, valued at approximately N8.6 million, after two men returned counterfeit dollar notes to a businessman who had approached them for a foreign currency transaction.
A statement issued on Tuesday by the Spokesperson of the State Police Command, DSP Abayomi Jimoh, said the operation followed a complaint lodged on October 28 by one Yusuf Nasiru, a resident of Sabo in Okitipupa Local Government Area.
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According to Jimoh, the complainant reported that two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, approached him in his shop on October 25, requesting to exchange United States dollars for naira.
Jimoh said Nasiru handed over $6,000 to the men, but they subsequently returned the money, claiming they did not have sufficient funds to complete the transaction.
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The complainant later discovered that the dollar notes returned to him were counterfeit, prompting him to report the incident to the police.
“The complainant handed over the sum of 6,000 dollars, valued at approximately N8.6 million, to the men.
“However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollars to him, claiming that they did not have sufficient funds to complete the transaction, and subsequently left.
“The complainant later discovered, upon closer examination, that the dollar notes returned to him were counterfeit, prompting him to report the incident to the police,” the statement said.
Police Track Suspect To Odigbo Village
Jimoh explained that operatives from the Okitipupa Divisional Police Headquarters immediately commenced a discreet investigation into the complaint.
He said intelligence gathering and technical tracking led investigators to Peter Desmond, who was traced to Kiniso Village, via Ajue, in Odigbo Local Government Area.
Acting on credible intelligence provided by members of the community, the operatives raided the suspected hideout on October 29 and uncovered what the police described as a factory allegedly used for the production and printing of counterfeit United States dollar notes.
“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 and a small wooden box, all of which were taken into police custody as exhibits,” Jimoh said.
The police spokesperson added that the arrested suspect had provided useful information that was assisting investigators in their ongoing efforts to unravel the operation.
Police Warn Against Unauthorised Currency Transactions
Jimoh cautioned members of the public against engaging in suspicious foreign currency transactions with individuals whose identities and credentials had not been verified.
He advised residents to authenticate foreign currencies before accepting them and to conduct transactions only through recognised and authorised channels.
Jimoh also urged members of the public to promptly report suspicious activities to the nearest police station.
The police said investigations were continuing, with efforts focused on tracking down the fleeing occupants of the suspected factory and establishing the full extent of the alleged counterfeiting operation.
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