Arrested counterfeiter was one of BSP’s most wanted

The alleged mastermind in the manufacture and distribution of fake P500 bills, recently arrested by the Manila police, has been on the wanted list of the Bangko Sentral ng Pilipinas (BSP) for counterfeiting since 2006.

BSP officials identified Richard Dam, 35, as a notorious counterfeiter who works with his brother Edward, according to Meisic police station chief Superintendent Nelso Yabut. Edward was arrested by combined operatives of the BSP and the National Capital Region Police Office (NCRPO) on Jan. 10, 2006.

Last April 16, Dam and three of his cohorts were nabbed by the police in Binondo and Sta. Cruz districts in Manila.

During his arrest, Dam misled policemen by giving his name as Richard Reyes. Recovered from the suspects were five fake P500 bills, 11 uncut P500 bills with identical serial numbers, a laptop, a computer printer, several pieces of blank yellow paper, assorted printing paraphernalia, a sachet of shabu and assorted drug paraphernalia.

Dam’s group reportedly sells the fake P500 bills for P150 each. They also allegedly distributed the counterfeit bills to pay for their tabs in beerhouses and taxi fares. Later on, the syndicate penetrated Binondo shopping malls by purchasing goods using the fake bills as payment. Yabut said he has received numerous complaints from storeowners who were paid with the fake money.  

Aside from earlier charges of counterfeiting and violation of the anti-drugs law, Dam will be charged with concealing his true name, according to Yabut.  — Nestor Etolle