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Philippine police seize fake U.S. and German bonds

Dienstag, 20. Februar 2001 / 10:46 Uhr

Manila - Philippine police have confiscated trillions of dollars worth of fake United States and German bond certificates and other counterfeit foreign currencies in a raid in a southern city.

Police chief Deputy Director General Leandro Mendoza said the weekend operation in Cagayan de Oro City, 840 kilometres south of Manila, was conducted in coordination with agents of the Philippine central bank and the U.S. Secret Service. Mendoza said the operatives seized more than 2 trillion dollars worth of fake U.S. Federal Reserve Bond Certificates in the house of a suspected counterfeit syndicate leader.

"In addition, some 1.6 billion dollars worth of counterfeit Argentinian currency, 10 million dollars worth of German bond certificates and 1,500 pieces of counterfeit Japanese currency were also seized," he said. Mendoza said the agents arrested Archie Mingoc, suspected to be the head of a counterfeit ring in Cagayan de Oro City, while police launched a manhunt for a second suspect, identified as Renato Waban, who escaped during the raid. (la/dpa)