4 In Police Net For Printing Fake Currencies

Four fake currency syndicates have been apprehended by the Lagos Police Command With Fake cash amounts of One Hundred, Eighty Million Cameroon CFA, and Nine million Naira.

The suspects Adeniyi Quadri ‘m’ aged 35, Oludare Olamilekan ‘m’ 50 years, Oludare Oluwayemisi ‘f’ 46 years, and Ilelabayo Johnson ‘m’ 62 years were arrested. While items recovered include One hundred and Eighty Million Cameroonian CFA, Nine Million Naira (in One Thousand Denomination, and other suspected counterfeit currency worth millions with a currency printing Machine.

It was gathered that the printing of the counterfeit currencies are carried out in the Oluwole area in Lagos Island.
The state’s Police Public Relations Officer, Benjamin Hundeyin , a Superintendent of Police disclosed this to newsmen at the parade of the suspects at the state police command in Ikeja Lagos.

He remarked that the fake currency syndicates were arrested based on a duly approved intelligence report by the Assistant Inspector General of Police, Olatoye Durosinmi, Zone 2 Command Headquarters Onikan about the hideout of one Adeniyi Quadri ‘m’ who specializes in counterfeiting different currencies and onward supply of same to his allies.

The O/C Zonal Monitoring Unit, CSP, Tijani Taofiq detailed DSP. Adeyemi Akeem and team to discreetly investigate the matter.

According to him, “The team swung into action and on the 3rd of February, 2024 the hideout of one Adeniyi Quadri ‘m’ of No. 11 Alof Street, Lagos Island was invaded where Adeniyi Quadri ‘m’ was arrested and a printing machine he uses in printing security threads on all sorts of counterfeited currencies, cash sum of Three Hundred Million CFA, and Nine Million Naira all suspected to be counterfeit were recovered in his possession.

The suspect, Adeniyi Quadri confessed to having been in the business of currency counterfeiting for over three years and also named his cohort who he supplies for circulation.

Hundeyin asserted that his confession led to the arrest of Oludare Oluwayemisi ‘f’ and Oludare Olamilekan who are a couple and partners in the crime.

Meanwhile, the arrested couple also confessed to the crime which led to the arrest of one Ilelabayo Johnson ‘m’ Ex-Military personnel who resides at No.3 Ilelabayo close, Isoto via Ajasa Compound, Lagos State.

Some suspected counterfeit local and foreign currencies were recovered in his possession while he was being arrested by the police.

The police image-maker added that all the arrested suspects confessed to their various roles in the process of committing this offense while efforts are intensified to apprehend fleeing members.