Operatives attached to the Okitipupa divisional headquarters of the Ondo State Police Command have arrested a suspect during the raid of a counterfeit currency printing factory in Kiniso village, Odigbo Local Government Area.

The command’s spokesperson, Abayomi Jimoh, said in a statement on Tuesday that other occupants of the building fled upon seeing the operatives, who later recovered three bags containing suspected counterfeit United States dollar notes.

Mr Jimoh said a complaint was lodged last Wednesday by one Yusuf Nasiru of Sabo, Okitipupa, who reported that two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, had approached him at his shop on October 25, 2026, requesting to exchange U.S. dollars for their naira equivalent.

Mr Nasiru said he handed over $6,000, valued at approximately ₦8,600,000, to the men, but while waiting to receive the naira equivalent, the suspects allegedly returned the dollars to him, claiming that they did not have sufficient funds to complete the transaction, and subsequently left.

The complainant, however, later discovered, upon closer examination, that the dollar notes returned to him were counterfeit, prompting him to report the incident to the police.

Mr Jimoh said the police traced one of the suspects, Peter Desmond, to Kiniso Village via Ajue.

“Acting on credible intelligence received from members of the community, operatives proceeded to the identified location on 29th October 2026, where they raided the suspected hideout believed to be used for the production and printing of counterfeit dollar notes intended to defraud unsuspecting members of the public.

“During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through the perimeter fence.

“A search of the premises led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box, all of which were taken into police custody as exhibits,” he said. 

Mr Jimoh said the arrested suspect has, however, given useful information that is assisting the investigation.

The Commissioner of Police, Felix Ohagwu, has directed that the investigation be intensified to identify and apprehend all other persons connected to the criminal operation.

The command cautions members of the public against engaging in suspicious foreign currency transactions with unverified individuals.

It also advised residents to authenticate foreign currencies carefully before accepting them in any financial transaction and promptly report suspicious activities to the nearest police station.