THREE Chinese men reportedly involved in illegal foreign exchange, money laundering and swindling were arrested in an entrapment operation Friday afternoon in Pasay City.
Pasay city police chief Col. Erickson Dilag said the arrest Chen Yong Tao, 22 of 505A Solemare St. Paranaque City, Xi Yi Chen, 38 and Cai Jin Cheng, 36, both residents of No. 1207 D Shore Residence, Macapagal Blvd. Pasay, were based on the complaint of their compatriot Li Qi, 28 of Avida Tower I, Pasay City who was lured by the suspects to exchange his P1 million for RMB currency.
The suspects are now detained at the Station Investigation and Detective Management Branch (SIDMB) for filing of appropriate charges including violation of R.A 11211 or the New Central Bank Act and Article 318 of the Revised Penal Code or other kind of deceit.