P27-M Worth of Fake Dollar Bills Seized from Arrested Man in Makati City
Police authorities arrested a man who was found carrying P27 million worth of fake dollar bills in Makati City.
A 60-year-old man was arrested after attempting to convert millions of dollars in suspected counterfeit currencies at a Makati foreign exchange broker. According to the Southern Police District (SPD), Makati City Police Station operatives apprehended the suspect who yielded P27 million in counterfeit US dollar bills at a foreign exchange broker on Perea Street in Legazpi Village.
According to the SPD report, the suspect was apprehended as he attempted to exchange a substantial sum of US dollars for Philippine pesos. According to reports, the company’s director reported the theft to the police, who recovered the bulk of the $100 bills worth P27 million. A metal box holding additional counterfeit banknotes was also confiscated.
According to the investigation, the suspect attempted to convert money at a local bank but was referred to a foreign exchange company due to the amount. The cashier thought that the money was counterfeit and quickly notified the person in charge.
“Investigation revealed that the suspect had earlier visited a local bank to exchange the counterfeit bills, but due to the large amount involved, the bank referred the suspect to the said company. Upon verification at the exchange office, the cashier suspected the money to be fake and promptly informed the management, leading to the suspect’s arrest,” SPD said based on the report of Inquirer.
The Central Bank of the Philippines will investigate and verify the acquired evidence to assess the scope of the counterfeiting activity. Meanwhile, the accused suspect is now in police custody and will be charged accordingly.
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