The Ondo State Police Command has uncovered a suspected counterfeit United States dollar printing factory in Kiniso Village, via Ajue, in Odigbo Local Government Area of the state.
The police arrested one suspect and recovered three bags of suspected fake dollar notes.
Police also recovered a small wooden box believed to be linked to the alleged illegal currency production operation.
The Command’s Police Public Relations Officer, DSP Abayomi Jimoh, disclosed this in a statement issued on Tuesday.
According to the statement, the operation followed a complaint lodged on October 28 by Yusuf Nasiru, a resident of Sabo, Okitipupa, who alleged that two men had defrauded him in a foreign currency exchange transaction.
The complainant reportedly told police that Peter Desmond and Olami Toro, both residents of Ode-Irele, approached him at his shop on October 25 and requested to exchange US dollars for their naira equivalent.
He allegedly handed over $6,000, valued at approximately ₦8.6 million, to the men.
However, the suspects reportedly returned the dollar notes, claiming they lacked sufficient funds to complete the transaction.
Nasiru later discovered that the notes returned to him were counterfeit and subsequently reported the matter to the police.
Following the complaint, operatives from the Okitipupa Divisional Headquarters launched an investigation, using intelligence gathering and technical tracking to trace one of the suspects, Desmond, to Kiniso Village in Odigbo.
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The police said operatives raided the suspected hideout on October 29 following intelligence provided by members of the community.
During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through a perimeter fence.
A search of the premises led to the recovery of three bags containing suspected counterfeit US dollar notes and a small wooden box, which were taken into police custody as exhibits.
The police said the arrested suspect had provided useful information to assist the ongoing investigation.
The Commissioner of Police in Ondo State, CP Felix Ohagwu, has directed that investigations be intensified to identify and arrest other persons connected to the alleged operation and uncover the extent of the suspected counterfeit currency network.
The command warned residents against engaging in suspicious foreign exchange transactions with unverified individuals or accepting seemingly attractive deals outside recognised and authorised channels.
It also urged members of the public to authenticate foreign currencies before accepting them and report suspicious activities to the nearest police station.