RP police find 2 trillion $ of fake US bonds

RP police find 2 trillion $ of fake US bonds

MANILA (AFP): Philippine police on Tuesday said it has busted an international syndicate counterfeiting currencies and recovered some two trillion dollars worth of fake U.S. bond certificates.

Also seized in the major raid in the southern city of Cagayan de Oro were $10 million in fake German bond certificates and fake Argentinean and Japanese currency, the national police said in a statement.

The operation was carried out in coordination with the U.S. Secret Service and the Central Bank of the Philippines, "in an international effort to curb transnational crimes, particularly trafficking of counterfeit currency and financial instruments," the statement said.

A Filipino counterfeiter was arrested while another suspect escaped, and is now the subject of a large manhunt operation.