The Ondo State Police Command has uncovered a suspected fake dollar factory in Odigbo Local Government Area, arresting one suspect and recovering three bags of suspected counterfeit dollar notes.
The operation followed a complaint by one Yusuf Nasiru, a resident of Sabo, Okitipupa, who reported that two men allegedly defrauded him of $6,000 in a foreign exchange transaction.
The Police Public Relations Officer, DSP Abayomi Jimoh, disclosed this during a press briefing on Tuesday, saying the complainant lodged the report on October 28, 2026.
According to the police, the incident occurred on October 25 when two men identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, approached Nasiru at his shop to exchange United States dollars for their naira equivalent.
The complainant reportedly handed over $6,000, valued at approximately N8.6 million, to the men.
However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollar notes, claiming they did not have enough money to complete the transaction, before leaving the shop.
Nasiru later discovered that the notes returned to him were counterfeit and subsequently reported the matter to the police.
Jimoh said operatives of the Okitipupa Divisional Police Headquarters immediately launched an investigation and, through intelligence gathering and technical tracking, traced one of the suspects to Kiniso Village, Odigbo.
He said the operatives, acting on credible intelligence from members of the community, raided the suspected hideout on October 29.
“During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through the perimeter fence,” he said.
A search of the premises reportedly led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box, which were taken into police custody as exhibits.
The police spokesman added that the arrested suspect had provided useful information to assist the ongoing investigation.
The Commissioner of Police, Ondo State Command, CP Felix Ohagwu, has directed that investigations be intensified to identify and arrest other persons allegedly connected to the operation.
