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

The operation was carried out at Kiniso Village, via Ajue, in Odigbo LGA, following a complaint lodged by a businessman, Yusuf Nasiru of Sabo, Okitipupa, who alleged that he was defrauded of $6,000 valued at about N8.6 million.

Police spokesman, DSP Abayomi Jimoh, who confirmed the development in a statement issued in Akure on Tuesday, said the complainant reported that two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, approached him at his shop on October 25, 2026, to exchange US dollars for naira.

According to the police, after the victim handed over the money, the suspects later returned counterfeit notes to him under the guise of cancelling the deal, before discovering the fraud and reporting at the Okitipupa Divisional Police Headquarters on October 28.

Acting on intelligence gathering and technical tracking, operatives of the Okitipupa Division traced one of the suspects, Peter Desmond, to a hideout in Kiniso Village, where they raided the suspected facility on October 29 believed to be used for printing counterfeit dollar notes.

During the raid, one suspect was arrested while other occupants of the premises reportedly escaped through the perimeter fence, with a search leading to the recovery of three bags containing suspected counterfeit dollar notes and a small wooden box.

Jimoh said the arrested suspect is providing useful information to assist ongoing investigations, while the Commissioner of Police, CP Felix Ohagwu, has directed that investigations be intensified to apprehend fleeing members of the syndicate and cautioned the public against unverified currency transactions.