The Ondo State Police Command has uncovered a counterfeit dollar printing factory in Kiniso Village, Odigbo Local Government Area, arresting one suspect and recovering three bags of fake U.S. dollars.
The spokesperson for the command, DSP, Abayomi Jimoh, made the disclosure in a statement on Tuesday.
Jimoh said the operation was carried out following a complaint lodged by Yusuf Nasiru of Sabo, Okitipupa.
He explained that the complainant reported that two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, had approached him at his shop inquiring about exchanging United States dollars for their naira equivalent.
“The complainant stated that he handed over the sum of $6,000, valued at approximately N8,600,000, to the men.
“However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollars to him, claiming 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,” he said.
Jimoh said the arrested suspect was providing information to investigators, while efforts were underway to apprehend other members of the suspected network who escaped.
He warned members of the public against patronising unverified foreign exchange dealers and urged residents to report suspicious currency transactions to the nearest police station.
Jimoh said the operation formed part of ongoing efforts to combat financial crimes and protect residents from fraudulent foreign exchange transactions.
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