MANILA city and police officials Saturday warned the public against the proliferation of fake Philippine currency following the arrest of three men caught allegedly manufacturing counterfeit P500 and P1,000 bills.
The suspects were identified as Richard Dan, alias Richard Tang, 38, of La Residencia Building, Tayuman Street, Sta. Cruz; Ricky Chan, alias Iking, 45, of Aguilar Street, Binondo; and Roel Yacob, alias Richard, 41, of Severino Reyes Street, Sta. Cruz.
District intelligence division chief Supt. Ruben Fojas Jr. said Dan was the manufacturer and owner of the printing machines used to make the fake bills, while Chan and Yacob were his sales agents.
Authorities said they earlier received information regarding the activities of the three suspects and the proliferation of fake P500 and P1,000 bills in Manila.
Following a three-week surveillance, a buy-bust operation was conducted. A poseur buyer was able to purchase from Chan three fake P500 bills for P150 each.
Charges of illegal possession and use of false treasury or bank notes and other instruments of credit were filed against the suspects. Police said the Bangko Sentral ng Pilipinas will file a separate case against them. Tina G. Santos
