At the so-called Recto University, a new and more lucrative sideline is emerging: The manufacture of fake money.
The latest scam was uncovered on Tuesday afternoon by joint teams of the National Bureau of Investigation (NBI) and Bangko Sentral ng Pilipinas (BSP) which conducted an entrapment operation that led to the seizure of 30 counterfeit P1,000 bills.
Based on a tip, agents of the NBI Reaction, Arrest and Interdiction Division (RAID) office, in close coordination with the BSP, contacted the target and pretended to be interested in buying fake money.
A deal was reached and the teams went to the LRC Compound on C. M. Recto Avenue in Sta. Cruz, Manila. After the transaction was completed at 4:30 p.m. on Tuesday, the agents arrested a woman who was identified only as Monet.
Seized from her were materials and equipment for the manufacture of the counterfeit bills, including makeshift security features such as iridescent bands and watermark, as well as the stencil and silk screen used in the group’s operations.
The NBI-RAID said that based the information they received from their tipster, a fake P1,000 bill could be bought for P150 to P300 while a counterfeit P500 bill could fetch anywhere from P75 to P200.
The informant also told NBI investigators that a syndicate involved in the manufacture of the fake money was composed of different groups with specific tasks. One team printed the money while another one was responsible for placing the watermark and security threads on the fake bills. There was also a team responsible for putting the finishing touches to the product.
BSP officials said that the group had been able to copy only the P500 and P1,000 bills and that they had yet to master the newly released batch of currency.