This was a crime stats bust, pure and simple. Just to get the arrest numbers up. I say this as a retired cop.
"Now they [the wallets] contain real American Express Cards, issued under pseudonyms to the Police Department. Theft of a credit card is grand larceny, a Class E felony, so anyone cops believe has the intention of stealing the decoy wallet or bag could face up to four years behind bars."
Geez, why don't they use a little imagination and stick some kiddie porn in with the Amex cards, so they can get a twofer?