Mr Otuedon, who allegedly specialised in counterfeiting foreign currencies, was apprehended following an intelligence report on the activities of a syndicate of fraudsters duping unsuspecting victims in the Masaka area of the state.
The commission, upon the receipt of the report swung into action by putting the area under surveillance, an action that led to the eventual arrest of the suspect on Saturday.
Upon arrest, over $400,000 (Four Hundred Thousand United States Dollars) were recovered.
While being interrogated, Mr Otuedon admitted that the fake dollars were given to him by other members of his syndicate based in Lagos.
Mr Otuedon, who confessed to the crime, also admitted that the syndicate use fake dollars for money doubling.
The suspect will be charged to court as soon as investigations are concluded.
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