Two suspected scammers presented by the National Bureau of Investigation following their arrest under the Revised Penal Code and the Cybercrime Prevention Act. The suspects allegedly deceive victims into purchasing chemicals to “clean and convert” counterfeit currency into US dollars.
Two suspected scammers presented by the National Bureau of Investigation following their arrest under the Revised Penal Code and the Cybercrime Prevention Act. The suspects allegedly deceive victims into purchasing chemicals to “clean and convert” counterfeit currency into US dollars. Image Credit: NBI

Manila: Can certain chemicals, following the right formula and mixture, be used to clean and convert counterfeit currency into real dollars?

That's the ruse so-called "black dollar" scammers had been using to rip off their unwitting victims here.

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Two African men were arrested following a sting operation targeting suspects behind the "black dollar" con. The arrest was carried out by agents of the National Bureau of Investigation's Cybercrime Division (NBI-CCD) on Wednesday.

At least one victim lodged a complaint with authorities after falling for the swindle.

Arrest

Following a complaint against a man posing as "Dr. Paul," NBI agents, acting on orders from Director Jaime Santiago, apprehended Khan Fonkam and his brother Awa Fonkam, both Cameroonians, in Bonifacio Global City (BGC) in Taguig on Wednesday.

The scheme

The complaint detailed how "Dr. Paul" approached the victim, expressing interest in investing in the Philippines. On July 5, 2024, they met at a Makati City hotel, where the victim handed over Php400,000 ($6,844).

"Dr. Paul" then performed a fake "decoding process" by wrapping the money with powder and counterfeit bills in foil, then submerging it in hot water. He instructed the victim not to open the package for 24 hours to allow the chemicals to "work."

Victim discovers scam

Suspicious, the victim opened the package at home, revealing only black paper inside. When attempting to contact "Dr. Paul" for an explanation, he was told they couldn't meet and requested an additional Php50,000 ($855) for more chemicals.

Further investigation revealed "Dr. Paul" to be Khan Fonkam, previously apprehended by the NBI-CCD on May 31, 2024. This prompted the victim to report the matter to the authorities.

Charges

The suspects are facing charges before the Taguig City Prosecutor's Office for estafa (Article 315, Revised Penal Code) and illegal possession and use of counterfeit money (Article 168, Revised Penal Code) – both in relation to Section 6 of RA No. 10175 (Cybercrime Prevention Act of 2012).