Philippines: 2 Arrested in 'Black Dollar' Scam

The National Bureau of Investigation (NBI) apprehended two suspected fraudsters in accordance with the Revised Penal Code and the Cybercrime Prevention Act. The accused reportedly duped their victims into purchasing chemicals to “clean and convert” counterfeit cash into US dollars.

The fraud included persuading victims that certain chemicals, when appropriately combined, could change counterfeit cash into genuine US dollars. So-called “black dollar” fraudsters in the Philippines have utilized this intricate deception to deceive their naïve victims.

The NBI's Cybercrime Division (NBI-CCD) conducted a sting operation that resulted in the arrest of two African males participating in the “black dollar” scheme. The investigation began on Wednesday in response to a report from a victim who had fallen victim to the fraud.

Contents

01

Arrest Details

02

The Scam Emerges

03

Suspicion and Discovery by the Victim

04

Charges Filed

Arrest Details

The operation began when a complaint was made against a man masquerading as “Dr. Paul.” NBI agents captured Khan Fonkam and his brother Awa Fonkam, both Cameroonians, at Bonifacio Global City (BGC), Taguig, following Director Jaime Santiago's orders.

The Scam Emerges

According to the lawsuit, “Dr. Paul” solicited the victim about investing in the Philippines. They met at a hotel in Makati City on July 5, 2024, and the victim gave them Php400,000 (about $6,844).

“Dr. Paul” then carried out a bogus “decoding process,” which included powdering the money and wrapping counterfeit notes in foil before immersing them in boiling water. He advised the victim not to open the package for 24 hours to enable the chemicals to “work.”

Suspicion and Discovery by the Victim

The victim opened the gift at home, suspicious, to see just black paper inside. When he sought to call “Dr. Paul” for an explanation, he was informed that they couldn't meet and that Php50,000 (about $855) was required for more drugs.

Further inquiry showed that “Dr. Paul” was Khan Fonkam, whom the NBI-CCD had previously captured on May 31, 2024. This finding led the victim to notify police about the deception.

Charges Filed

The accused are currently facing charges at Taguig City Prosecutor's Office. They are accused of estafa (Article 315 of the Revised Penal Code) and unlawful possession and use of counterfeit money (Article 168 of the Revised Penal Code). These accusations are related to Section 6 of Republic Act No. 10175, generally known as the Cybercrime Prevention Act of 2012.

The NBI's quick response in apprehending these fraudsters exemplifies continuous efforts to fight cybercrime and safeguard individuals from deceptive scams. Victims of such scams are advised to report them to authorities so that these misleading tactics might be put a stop to.