₦8.6 Million Fraud: Ondo Police Raid Counterfeit Dollar Hideout, Recover Three Bags

The Ondo State Police Command has uncovered a suspected counterfeit dollar production facility in Kiniso Village, Odigbo Local Government Area, following an investigation into an alleged foreign exchange fraud involving $6,000.

The operation led to the arrest of one suspect and the recovery of three bags containing suspected counterfeit United States dollar notes, alongside a small wooden box.

According to Bush Radio Academy, the investigation began after a man identified as Yusuf Nasiru reported that he had allegedly been defrauded by two men during a dollar-to-naira exchange transaction.

The Police Public Relations Officer, DSP Abayomi Jimoh, disclosed in a statement issued on Tuesday, November 3, that Nasiru reported the incident on October 28.

According to the statement, the complainant said two men identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, visited his shop on October 25 to exchange dollars for their naira equivalent.

Nasiru reportedly handed over $6,000, estimated at approximately ₦8.6 million, to the men. However, rather than paying him the agreed naira equivalent, 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 subsequently reported the matter to the police.

Following the complaint, operatives attached to the Okitipupa Divisional Police Headquarters commenced an investigation, using intelligence gathering and technical tracking to trace one of the suspects, Peter Desmond, to Kiniso Village.

Acting on information provided by members of the community, the operatives raided the suspected hideout on October 29. During the operation, one suspect was apprehended, while other occupants of the property reportedly escaped through a perimeter fence.

A search of the premises led to the discovery of three bags containing suspected counterfeit US dollar notes and a small wooden box. The recovered items were taken into police custody as exhibits, while the arrested suspect reportedly provided information considered useful to the ongoing investigation.

Meanwhile, the Commissioner of Police in Ondo State, CP Felix Ohagwu, has directed operatives to intensify efforts to apprehend other individuals allegedly connected to the operation.

The police said the investigation would also determine the extent of the suspected counterfeit currency network and ensure that anyone found culpable is brought to justice.

The command further cautioned residents against engaging in suspicious foreign exchange transactions with unverified individuals, particularly those offering attractive deals outside recognised and authorised channels.

Residents were also advised to verify the authenticity of foreign currencies before accepting them and promptly report suspicious activities to the nearest police station.

The Ondo State Police Command reaffirmed its commitment to combating financial crimes and other criminal activities across the state.