Police monitoring money changers' syndicate

MANILA, Philippines - Police are discreetly monitoring the operations of several money changer shops in Ermita, Manila reportedly owned by a syndicate engaged in shortchanging customers after its members were able to secure permit to operate from the local government.

“The syndicate may be doing its illegal operations again, under a cloak of legitimacy, by having their money changing shops licensed. However, their permits might just be decoys to lure more victims to transact with them,” said Ermita police station chief Superintendent Romulo Sapitula. There are reports that despite securing permits, these shops still employ members of the syndicate adept in shortchanging customers, he said.

The shops, whose business names are being withheld by The STAR, are reportedly owned by the so-called “Kotong Queens” Babylyn and Malou. The two may have decided to legitimize their business after the police put a stop to their illegal operations. However, there is no guaranty that these “Kotong Queens” will not employ their dirty tactics if given the chance, according to Sapitula.

“Kotong” is the term used to describe the scheme wherein foreigners and overseas Filipino workers (OFWs) who change their foreign currencies to pesos at the syndicate’s money changer shops receive an amount less than the exchange rate. The syndicate lure victims to transact with them by offering a higher exchange rate, only to find out that what they receive is very much lower than the agreed amount through sleigh of hands.      

Sapitula directed his men to place under close watch on a 24/7 basis the suspected money exchange shops owned by the syndicate, especially at this time when there are huge remittances from OFWs.