A ‘money laundering’ scam with a twist has been unearthed in Philadelphia. And police are concerned this isn’t the only group running the confidence game.
Philadelphia police have charged five men with a scam in which they told told businessmen they could double their money using black bills smuggled into the United States. Lt. Ray Evers said Wednesday a businessman tipped police off to the scheme to bilk people out of thousands of dollars with the promise of making money by cleaning up the cash.
“They’ll cut open a large stack of U.S. currency that is painted black,” said Evers. “They’ll pull the top two dark bills out. The money is placed in some tin foil and they use a special compound to extract the dark ink from the U.S currency.”
Lt. John Walker said police worry others are being scammed and are too embarrassed to report it.
“It’s basically a bait and switch, it’s a confidence game, these guys are good at what they do,” said Walker.
Walker said the scam takes advantage of people seeking some quick cash.