CEBU CITY – A suspected money counterfeiter admitted yesterday that the peso bills he had produced were not for local use but for a much wider market in Malaysia where he has a Filipino buyer. The suspect, Richard Uy, was arrested by members of the Investigation and Detective Management Branch (IBMB) of the Cebu City Police Office (CCPO) after he allegedly sold 20 fake P1,000 bills for P2,000 to an undercover policeman. When Uy opened the door of his house in Barangay Kasambagan to hand over the fake bills, the operatives saw a printing machine that was churning out fake bills, prompting them to arrest the suspect. A total of P3 million worth of fake P1,000 bills were seized along with the printing machine, stamping machine, and computer inside the house of Uy. Uy admitted that he has been printing fake money for the past two years. He was arrested by elements of the National Bureau of Investigation (NBI) 7 for the same offense last year but managed to put up the P20,000 bail. Uy told the police that the fake money he has been printing were not circulated in the Philippines but were instead bought by a Filipino buyer based in Malaysia. He said Malaysian money-changers do not have the capabilities to detect a fake peso bill when these are exchanged into ringgits. (Mars W. Mosqueda, Jr.) You may also want to read Source: inquirer
Posted on: Wed, 31 Jul 2013 10:38:40 +0000
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