Man takes $6,000 to change, gets fake dollars back as police uncover suspected factory in Ondo
- A Nigerian man handed over $6,000 to two men for a currency exchange deal, only to discover that the notes returned to him were fake
- Ondo police traced one suspect to a hideout in Odigbo LGA, where officers recovered three bags of suspected counterfeit US dollar notes
- The Ondo State Police Commissioner ordered investigators to intensify efforts to arrest others who fled during the raid
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A man in Ondo State lost $6,000 in what appeared to be a straightforward currency exchange deal, only to later discover that the dollar notes returned to him were counterfeit. The incident has since led police to a suspected fake currency production site in the state.
The Ondo State Police Command confirmed the development through its spokesperson, DSP Abayomi Jimoh, in a statement on Tuesday, November 3.
Source: Twitter
The complainant, Yusuf Nasiru, told investigators that two men, Peter Desmond and Olami Toro, both said to be residents of Ode-Irele, came to his shop on October 25 and proposed a dollar-to-naira exchange.
Nasiru handed over $6,000, worth roughly N8.6 million, to the men. The suspects later returned the dollar notes, claiming they could not raise enough naira to complete the deal, and walked away.
It was only when Nasiru examined the notes more carefully that he realised they were fake. He reported the matter to the police on October 28.
Police raid suspected fake dollar production site
Acting on the complaint, operatives from the Okitipupa Divisional Police Headquarters used intelligence and technical tracking to locate one of the suspects.
Following a tip-off from community members, officers raided a property at Kiniso Village, via Ajue, in Odigbo Local Government Area on October 29.
One suspect was arrested during the operation. Other occupants of the building reportedly jumped over a perimeter fence and escaped before officers could apprehend them.
A search of the premises turned up three bags containing suspected counterfeit US dollar notes and a small wooden box, all of which were taken as exhibits.
Jimoh said the arrested suspect had provided useful information to assist the ongoing investigation.
Source: Getty Images
Police hunt for fleeing suspects
The Commissioner of Police in Ondo State, CP Felix Ohagwu, ordered investigators to intensify efforts to identify and apprehend everyone else believed to be connected to the suspected counterfeit currency network.
The command warned residents against engaging in foreign currency transactions with unverified individuals or accepting exchange offers outside recognised and authorised channels.
The police also advised members of the public to verify foreign currencies before accepting them and report suspicious activities to the nearest police station.
Dollar appreciates against naira
Earlier, Legit.ng reported that the naira weakened against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as the official exchange rate moved to N1,332.09/$1 from N1,331.19/$1 recorded on Friday.
Data showed that the local currency lost 90 kobo, representing a 0.07% depreciation against the dollar during the trading session.
However, the currency strengthened against the euro, appreciating by N1.64 to close at N1,489.15/€1 from N1,490.79/€1 recorded on Friday.
Source: Legit.ng
