A Cameroonian national was apprehended in Makati City following his involvement in an investment scam that promised to triple investors’ money, only to repay them with counterfeit dollars. Valere Younga, identified as the suspect, was arrested by the combined efforts of the Makati City Police and the Bangko Sentral ng Pilipinas during a coordinated operation at a city coffee shop.
The operation led to the recovery of fake dollars amounting to over $20,000 from Younga. According to the complainant, the suspect enticed him to invest P6 billion in a business scheme, requiring an initial deposit of P500,000 to expedite the process. The suspect promised to match the amount in dollars and further increase it, a pledge that turned out to be a deceitful maneuver involving counterfeit US banknotes.
Dickenson Gamalo, Investigation Officer III of the Payments and Currency Investigation Group of the BSP, indicated that the suspect is part of an organized group specializing in the circulation of fake US dollars. Despite the allegations and evidence, Younga defended himself, claiming he never dealt in or distributed dollars.
This arrest brings to light the increasing menace of the ‘black dollar’ and investment scams in the city, with at least three businessmen falling victim to Younga’s fraudulent activities. The foreign national, who has overstayed his welcome, now faces multiple charges as a consequence of his actions.
This incident serves as a stark reminder of the vigilance needed in financial dealings and the importance of stringent law enforcement in safeguarding the public against sophisticated financial frauds.