Police raid suspected counterfeit currency production centre in Odigbo LGA after a man allegedly lost $6,000 in a fraudulent exchange deal, while other suspects escape.

The Ondo State Police Command has uncovered a suspected counterfeit United States dollar production centre in Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected fake dollar notes.

The operation, which took place on October 29, 2026, at Kiniso Village, near Ajue, followed an investigation into an alleged currency exchange fraud involving $6,000.

The Police Public Relations Officer in the state, DSP Abayomi Jimoh, disclosed the development in a statement issued on Tuesday, November 3.

According to the police, the investigation began after a man identified as Yusuf Nasiru reported that he had been defrauded by two individuals during a foreign currency exchange transaction.

Nasiru reportedly told the police that on October 25, two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, visited his shop and requested to exchange United States dollars for their naira equivalent.

The complainant allegedly handed over $6,000, estimated at approximately N8.6 million, to the men.

However, rather than completing the transaction, the suspects reportedly returned what they claimed was the original dollar amount, saying they did not have enough money to pay the naira equivalent.

The men subsequently left, but Nasiru later discovered that the dollar notes returned to him were counterfeit.

He immediately reported the incident to the police on October 28, prompting operatives from the Okitipupa Divisional Police Headquarters to launch an investigation.

Jimoh said the police deployed intelligence gathering and technical tracking to trace one of the suspects, Peter Desmond, to Kiniso Village in Odigbo Local Government Area.

Acting on information provided by residents, the operatives raided the suspected hideout on October 29.

During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped by climbing over the perimeter fence.

A search of the property led to the discovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box.

The recovered items were taken into police custody as exhibits.

The police spokesperson added that the arrested suspect had provided useful information that was assisting investigators in their efforts to unravel the operation.

Meanwhile, the Commissioner of Police in Ondo State, CP Felix Ohagwu, has ordered an intensified investigation to identify and apprehend other individuals allegedly involved in the suspected counterfeiting operation.

The command said investigators were working to establish the full extent of the alleged criminal network and ensure that all those found culpable were brought to justice.

The police also warned residents against engaging in suspicious foreign currency transactions, particularly deals involving unverified individuals and unusually attractive exchange offers outside recognised and authorised channels.

Members of the public were urged to verify foreign currencies before accepting them in financial transactions and report suspicious activities to the nearest police station.

The command reiterated its commitment to tackling financial crimes and other criminal activities across Ondo State.

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