An Ocala Police Department report alleges the unidentified child was passing out the fake funds to his fellow students at South Ocala Elementary School this week before a child attempted to pay a school worker with the phony money, the Star-Banner newspaper in Ocala said Thursday.

Dean of Students Dale Krazit contacted authorities Tuesday about the situation and the boy was taken into custody.

Police allege the boy was found in possession of $380 worth of the counterfeit bills and a school bus driver claimed one of the child's guardians said the money belonged to them.

A police check of the guardian's information found that the unidentified individual was wanted by authorities for a probation violation related to a felony retail grand theft case, the Star-Banner said.

The newspaper reported a check of the guardian's home address yielded no clues and police have no notable leads regarding who created the funny money.