4 suspects nabbed in Cagayan de Oro for allegedly selling fake gold bars

Authorities arrested four suspects at the Capistrano Complex, Barangay Gusa, Cagayan de Oro City on Saturday for allegedly selling fake gold bars.

In a statement, Cagayan de Oro Police Office identified the suspects as 58-year-old Rey Naranjo, 58-year-old Junalie Licawan, 28-year-old Jerson Liquinan, and 33-year-old Jimwel Homonlay.

According to a police report, an individual lodged a complaint with the City Mobile Force Company (CMFC) of Cagayan de Oro and sought assistance after he was allegedly defrauded of more or less P500,000 in exchange for a gold bar which turned out to be a fake after thorough examination sometime in April 2022.

Authorities said that the suspects recently contacted the victim again, and offered P1.8 million in gold bars.

The victim pretended to accept the offer and requested assistance from authorities, who then set up an entrapment operation.

Seized from the suspects were entrapment money consisting of one genuine P1000 bill and bundles of bogus and ordinary paper money, and two alleged gold bars supposedly worth P15 million.

The suspects were detained at the CMFC's custodial facility. They faced syndicated estafa charges for violating Section1 of PD No. 1689 in relation to Article 315 of the Revised Penal Code. — DVM, GMA News