Suspect nabbed for selling fake gold bars in Palawan

Posted at 11/15/2012 4:34 PM | Updated as of 11/15/2012 4:34 PM

MANILA, Philippines -- One suspect has been arrested by police authorities on Wednesday for allegedly selling fake gold bars in Palawan.

The suspect, identified only as "Jig", was arrested in an entrapment operation in Barangay San Pedro at around 4 p.m.

Police said prior to their operation, they have received information from a businessman allegedly victimized by the suspect.

The victim, who was led into thinking that the gold bars were real, purchased 1 1/2 kilograms of gold priced at P1.2 million.

Jig was about to sell another set of gold bars priced at P300,000 when the police arrested the suspect, who is now facing charges of estafa.

Police are still conducting follow-up operations to arrest Jig's cohorts.

Authorities, meanwhile, reminded the public not to fall prey to the modus operandi of Jig and his group.

Police said the suspects would show their potential buyers real gold dust, which they would claim came from the bars they were selling. -- Report from Jay Zabanal, ABS-CBN News Palawan