NBI warns public vs buying ‘unrecognized’ currency

The National Bureau of Investigation (NBI) warned the public against buying Iraqi and demonetized Peruvian currency being circulated in the country by a group of con artists.

NBI Director Reynaldo Wycoco said people should be wary of purchasing them because they are not recognized in the country.

Separate operations conducted by the bureau’s National Capital Region (NBI-NCR) and Special Task Force (NBI-STF) have led to the arrest of 12 people caught in the act of selling Iraqi dinars and demonetized Peruvian intis to unsuspecting victims.

NBI-NCR regional director Ruel Lasala said the estimated 20 million Iraqi dinar they recently confiscated was only "the tip of the iceberg."

"Mas marami pa ang nakakalat. Dinars may have found their way into the country following the US-led invasion of Iraq either by looting or through the many overseas Filipino workers (OFWs) who returned from the war-torn country trying to dispose of their Iraqi money.

The NBI has filed charges of estafa and illegal possession or use of falsified treasury notes against Cesar Leonardo, of Ermita, Manila City; Enrico Guese, of San Isidro, Sta. Ana, Pampanga; Peter Alonzo, of Barangay Bangkal, Makati; Anzon Molbog, of Samson Road, Caloocan City; Arnulfo Saavedra, of Guadalupe Bliss, Makati City; and Juanita Galicia, of Sta. Rita, Cabiao, Nueva Ecija.

Charges were filed before the Manila City Prosecutor’s Office, but the suspects were later released for further investigation.

"The Iraqi dinars are genuine. It is the new money after the downfall of Saddam Hussein, but this is not legal tender outside the Philippines," Lasala said. "We are still waiting for the Banko Sentral ng Pilipinas to issue a certificate that they cannot be used for transactions in Philippine territory since an Internet website said it can only be transacted in Iraq."

The suspects tell their prospective buyers that they could use the dinars in the Philippines. They had been selling one dinar for 20 centavos in Philippine currency. They offer Iraqi money in denominations of 5,000, 10,000 and 25,000.

Lasala admitted that although the rampant selling of these currencies would not have any repercussions in the country’s economy, the suspects have been victimizing a lot of people.

The NBI-NCR also learned that another group has been selling treasury notes, federal reserve notes and foreign currencies in different denominations that have been banned or discontinued from circulation.

In an earlier operation, the NBI-STF captured Doroteo Rombaoa, 66, of Marikina City; Roberto Rosales, 49, of Cainta, Rizal; Bebenia Joson, 53, of Quezon City; Damian Jimenez, 69, of Tandang Sora, Quezon City; Lamberto Florendo, 55 of Zamboanga City; Oscar Martinez, 67, and Carmelita Martinez, both of Rancho III, Marikina City for selling Peruvian intis in bundles of 5,000 pen, 10,000 pen, and 20,000 pen denominations.

They were charged with estafa before the Marikina City Prosecutor’s Office, but were also released for further investigation.