CEBU CITY — A man was arrested here for selling fake peso bills, the Bangko Sentral ng Pilipinas reported Saturday.
A buy-bust operation led to the arrest of Junrie Cagay, 28.
Thirty-nine pieces of counterfeit bills worth P24,000 were seized during the joint operation of BSP 7 and Carbon Police Station Saturday afternoon.
Authorities will file a case against the suspect for violating Article 168 of the Revised Penal Code, or illegal possession and use of false treasury or bank notes and other instruments of credit).
According to Cebu City Councilor Dave Tumulak, deputy mayor for police matters, authorities received information about Cagay's operation, which includes producing, distributing and selling fake bills for the amount of P20 per piece.
A police officer later conducted a test buy that confirmed the illegal activity.
Surveillance and intelligence-gathering was conducted, which enabled the police to enter a deal with the suspect.
The suspect admitted he was forced to enter such illegal activity due to financial constraints.
He said he started printing fake notes about a week ago and did so only when costumers sought him out.