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 P/Col. Erickson Dilag said the arrest of Chen Yong Tao, 22, of 505A Solemare St. Paranaque city, Xi Yi Chen, 38 and Cai Jin Cheng, 36, both residents of 1207 D Shore Residence, Macapagal Blvd. Pasay was based on the complaint of their compatriot Li Qi, 28, of Avida Tower I, Pasay city who was lured by the suspects in giving his Philippine peso currency in exchange for RMB or Yuan currency.
When the suspects failed to comply with the agreement, Li Qi sought the assistance of the Naval Intelligence Security Group-National Capital Region (NISG-NCR) and together with Pasay Police Station Intelligence Section (SIS) led by P/Maj. Lerpon Platon, an entrapment operation was carried out at around 5:20 p.m. inside Starbucks Café at MET Live Mall in Macapagal Boulevard, Pasay against the Chinese men.
Police said the suspects agreed to meet Li Qi after the latter convinced them that he wanted to change his P1 million cash to RMB currency.
When the suspects received the P1 million marked money composed of P1,000 genuine bills and 999 pieces of boodle money from Li Qi, operatives immediately arrest the three and told them the nature of the offense they committed.