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

The operation, carried out on October 29 at Kiniso Village, via Ajue, followed investigations into a complaint involving an alleged counterfeit dollar exchange.

The Police Public Relations Officer, DSP Abayomi Jimoh, disclosed this in a statement issued on Tuesday.

According to the statement, the complainant, Yusuf Nasiru, reported to the police on October 28 that two men, identified as Peter Desmond and Olami Toro, had approached him at his shop on October 25 to exchange US dollars for their naira equivalent.

The suspects, both reportedly residents of Ode-Irele, allegedly received six thousand dollars, valued at approximately eight million six hundred thousand naira, from the complainant.

However, while waiting for the naira equivalent, the men allegedly returned the dollars, claiming they lacked sufficient funds to complete the transaction, before leaving.

Nasiru later discovered that the notes returned to him were counterfeit and reported the incident to the police.

The statement said operatives from Okitipupa Divisional Headquarters immediately commenced investigations and, through intelligence gathering and technical tracking, traced one of the suspects to Kiniso Village in Odigbo Local Government Area.

Acting on information from residents, the operatives raided the suspected hideout, where one suspect was arrested while other occupants reportedly escaped through the 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.

The police said the arrested suspect had provided useful information to aid the investigation.

Meanwhile, the Commissioner of Police, CP Felix Ohagwu, has directed that the investigation be intensified to apprehend other suspects and uncover the extent of the alleged counterfeit currency network.

The command warned residents against suspicious foreign exchange transactions with unverified individuals, urging them to authenticate foreign currencies before accepting them and report suspicious activities to the nearest police station.

It reaffirmed its commitment to combating financial crimes and other criminal activities in the state.