Cameroonian involved in investment scam using fake dollars arrested

A Cameroonian national is in Makati City promising to triple the investment victims’ money but will return it in fake dollars.

In a report by John Consulta on 24 Oras Weekend this Saturday, the suspect was identified as Valere Younga, who was arrested by Makati City Police and Bangko Sentral ng Pilipinas personnel at a coffee shop in the city.


More than $20,000 in counterfeit dollars were seized from the suspect.

According to the complainant, the suspect enticed him to invest P6 billion in his business, but he had to give P500,000 to speed up the process.

The suspect will pay dollars to the money given by the complainant, which they will multiply.


According to Dickenson Gamalo, Investigation Officer III of the Payments and Currency Investigation Group of the BSP, the suspect is included in the organized group that has a modus operandi of using fake US banknotes.

“I didn’t have dollar sir. I didn’t give dollar to anyone sir,” Younga defended.

Three businessmen have reportedly fallen victim to the black dollar and investment scam of overstaying foreigners.


He is facing multiple charges.

Up to P2/L fuel price hike expected next week

Expect another increase in the price of petroleum products next week which may add up to P2.00 per liter to the price of gasoline.

Based on the movement of crude oil trade in the world market in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that it is possible to play in the P1.95 to P2.10 increase in the price of gasoline per liter.

It is possible to increase the price of diesel by P0.65 to P0.85 per liter and P0.20 to P0.30 per liter for kerosene.

This will be the fourth consecutive week that the price of petroleum products will increase.

“Estimated increase is attributed to the following relevant international oil market developments such as US crude stockpile fell; Stimulus package issued by central bank of China to inject/reinforce its economic recovery; and India to become single most important driver of oil demand growth,” said Romero.

This past Tuesday, the price of gasoline increased by P1.30 per liter, while the price of diesel increased by P0.95 per liter.

This January, the price of gasoline and diesel increased to P1.60 per liter, while the price of kerosene was P0.40 per liter.

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