Arrested were Malaysian Augustin Lee, 62, Peter Magayan, 27, George Largo, 44, and Arnold Kodong, 28. Except for the Malaysian, the suspects were reportedly from Baguio City.
Police said appropriate charges will be filed against the suspects before the Manila Prosecutor’s Office.
The arrest stemmed from the complaint of businessman Felix Signo, 41, who said the four men tried to sell to him a 70-kilo gold bar, which the suspects claimed was worth P47.5 million.
The suspects set the pay-off on Friday night at their quarters at Unit 2, 205 Appartelle located in San Andres, Manila.
Sensing a scam, Signo contacted Senior Police Office 4 Rolly Bañez of the Western Police District-Criminal Investigation and Intelligence Division and reported details of the transaction and their scheduled meeting.
Bañez then tapped his men to set-up an entrapment against the suspects. Police escorted Signo to the entrapment area and shortly after the pay-off, police arrested the four men.
Investigators are set to submit the fake gold bar for analysis. The suspects, on the other hand would be subjected to interrogation to determine if they have other accomplices in the scam operating in Manila and nearby cities.– Cecille Suerte Felipe