The Ondo State Police Command has made a significant breakthrough in the fight against currency counterfeiting by uncovering a suspected factory producing fake United States dollar notes in the Odigbo Local Government Area. This operation, which resulted in the arrest of one individual, took place on October 29 in Kiniso Village, following a complaint from a local businessman.

According to the police, the investigation was initiated after Yusuf Nasiru reported that he had fallen victim to a fraudulent currency exchange scheme. On October 25, he was approached by two men, Peter Desmond and Olami Toro, who offered to exchange US dollars for naira. Nasiru handed over $6,000, approximately valued at N8.6 million, expecting to receive the naira equivalent. However, the suspects returned the dollar notes, claiming they lacked sufficient funds to complete the transaction. It was only after the men left that Nasiru discovered the bills were counterfeit.

Following the report made on October 28, police operatives from the Okitipupa Divisional Headquarters launched an investigation. Utilizing intelligence and technical tracking, they traced one of the suspects, Peter Desmond, to the suspected counterfeit operation site in Kiniso Village.

During the raid on the premises, law enforcement officials arrested one suspect while others reportedly fled the scene. The police recovered three bags filled with suspected counterfeit dollar notes along with a small wooden box, which have been taken as evidence. The arrested individual is currently providing valuable information that is aiding the ongoing investigation.

The prevalence of currency counterfeiting, particularly involving US dollars, poses a significant challenge in Nigeria. Security agencies have reported a rise in incidents related to fake foreign currency, emphasizing the need for continued vigilance and enforcement against such fraudulent activities. The police are urging the public to remain cautious during currency exchange transactions and to report any suspicious activities to the authorities.