An Iranian national was arrested by police after allegedly attempting to pass off fake gold bars in a transaction worth P18.6 million inside a hotel office in Barangay Poblacion, Makati City, the Southern Police District (SPD) said Saturday.

The suspect, identified only by the alias “Saeid,” 32, was apprehended by personnel of the Southern Police District through the Makati City Police Station and is now under the custody of the station’s Investigation and Detective Management Section.

Police said the suspect is facing complaints for swindling, grave threats, grave coercion, falsification of documents, and violation of Republic Act 10591, or the Comprehensive Firearms and Ammunition Regulation Act.

Based on the police investigation, the incident occurred at around 11:10 p.m. on May 15, when the suspect allegedly met complainants inside a corporation office within a hotel in Makati City to finalize the sale of 60 gold bars valued at P18,660,000.

Authorities said the complainants handed over the payment before the suspect later returned carrying a black hard lock case containing the supposed gold bars and accompanying certificates of authenticity.

However, after conducting physical inspection, weighing procedures, and gold solution testing, the buyers allegedly discovered that the gold bars were fake.

Police said the complainants confronted the suspect and demanded the return of their money, but the suspect allegedly drew a Smith & Wesson 9mm pistol and threatened the complainants and witnesses, warning them not to seek police assistance.

A struggle reportedly followed, allowing those at the scene to restrain the suspect until responding Makati police officers arrived.

Recovered from the suspect were a black hard lock case, 60 alleged fake gold bars, 60 purported falsified certificates of authenticity, a Smith & Wesson caliber 9mm pistol with serial number A124739, a magazine loaded with seven rounds of ammunition, a gold testing solution, a testing stone, a weighing scale, and an iPhone 16 Pro Max, police said.

Authorities added that the suspect was unable to present documents for the firearm, resulting in an additional charge for illegal possession of firearm under R.A. 10591.

The complaints are now being prepared for inquest proceedings before the Makati City Prosecutor’s Office.