The Oyo State Police Command has arrested six suspected dealers in counterfeit currency and recovered 89 suspected fake €100 notes valued at €8,900, with an estimated naira equivalent of N14.15 million, in Ibadan.
The suspects were arrested following a police patrol operation in the Labo-Wesley area of Ibadan, which later developed into a wider investigation into the alleged possession, circulation and production of counterfeit euro notes.
The command’s Public Relations Officer, DSP Ayanlade Olayinka, disclosed the development in a statement issued in Ibadan on Thursday, saying the operation began with the interception of three men travelling on a motorcycle.
According to the police spokesperson, the officers were conducting a township patrol at about 7:30 p.m. on Tuesday when they stopped the motorcycle for a search. The search reportedly resulted in the discovery of 89 pieces of suspected counterfeit €100 notes.
The recovered currency had a combined face value of €8,900, which the police estimated at approximately N14.15 million. Olayinka said the circumstances surrounding the involvement of each of the initial suspects remained subject to further investigation.
Police Investigation Leads to More Arrests
The discovery of the suspected counterfeit notes prompted investigators to expand the operation beyond the initial arrest.
Olayinka said further investigation led to the suspects allegedly confessing to the offence and providing information that enabled police investigators to trace the location where the counterfeit currency was reportedly obtained.
Police subsequently conducted a forensic search of the premises identified during the investigation. The search, according to the command, resulted in the recovery of additional exhibits suspected to have been used in the production of the fake euro notes.
The investigation also led to the arrest of three additional suspects, bringing the total number of people arrested in connection with the alleged counterfeit currency operation to six.
Among those subsequently arrested was a suspect alleged to be responsible for producing the counterfeit currency.
The police said the arrests and recovery of additional exhibits had expanded the scope of the investigation from the possession of suspected fake currency to allegations involving its production and circulation.
Six Suspects Remain in Police Custody
The six suspects are currently being held in police custody while investigators continue to establish the circumstances surrounding their alleged involvement in the counterfeit currency operation.
Olayinka said the suspects were cooperating with the investigation, which is expected to determine the respective roles played by each person connected to the recovered currency and the premises where additional exhibits were found.
“The circumstances surrounding the involvement of each suspect are being subjected to further investigation,” the police spokesperson said.
He added that the suspects would be charged before a court after investigators conclude their work.
The police did not state that all six suspects played identical roles in the alleged operation, stressing instead that their individual involvement remained part of the ongoing investigation.
Operation Began With Routine Township Patrol
The arrests followed what began as a routine police patrol within Ibadan. Officers operating around the Labo-Wesley area reportedly became suspicious of the three men travelling on a motorcycle and stopped them for a search.
The subsequent discovery of the suspected counterfeit euro notes provided the basis for further investigation and eventually led police to a location where more exhibits were recovered.
The sequence of events, according to the command, highlights how the initial recovery of suspected counterfeit currency during patrol activities led investigators to uncover a wider alleged network involving the sourcing and production of the fake notes.
Police investigators are now working to establish how the recovered currency was obtained, the role of the premises searched by officers and the extent of the suspects’ alleged activities.
The command has not disclosed further details about the additional exhibits recovered during the forensic search, beyond stating that they were suspected to have been used in the production of the counterfeit notes.
Police Commissioner Commends Officers
The Oyo State Commissioner of Police, CP Abimbola Olugbenga, commended the officers involved in the operation for what the command described as vigilance and professionalism.
The commendation followed the successful recovery of the suspected counterfeit currency and the subsequent arrests that emerged from the investigation.
The police command said the suspects would remain in custody while investigators complete the necessary procedures before the matter is taken to court.
For now, the case remains under investigation, with police authorities working to establish the full circumstances surrounding the possession, alleged circulation and reported production of the suspected counterfeit euro notes.
The recovery of 89 suspected fake €100 notes, valued at €8,900, remains the central exhibit announced by the command in connection with the operation, while the additional items recovered during the forensic search are expected to form part of the evidence considered as investigators conclude their findings.
Oyo Police Arrest Six Suspected Counterfeit Currency Dealers, Recover Fake €100 Notes Worth N14.15m
