PDIC files estafa charges vs. delos Angeles, 20 others
abs-cbnNEWS.com | 03/12/2009 11:23 AM
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This time, it’s the deposit insurer that’s after Legacy’s founder, Celso de los Angeles.
On Wednesday, Philippine Deposit Insurance Corporation (PDIC) has filed at the Department of Justice an estafa case against 21 officers of the closed Rural Bank of Carmen, Inc, one of the 14 rural banks under the Legacy Group that collapsed in late 2008 and early 2009.
The PDIC is the receiver of the closed Legacy rural banks.
PDIC said the 21 Legacy officers planned and manipulated a fraudulent scheme to deceive the depositors of Rural Bank of Carmen.
According to PDIC’s complaint, de los Angeles funneled the deposits in the rural bank into fraudulent, anomalous and irregular transactions.
It said de los Angeles and his team created 39 fictitious borrower accounts that allegedly took out loans from Rural Bank of Carmen aggregating to P16.8 million. The loan proceeds, however, allegedly ended up with Martin Nicolo de los Angeles, the son of Celso, and with Legacy-linked Pilipino Rural Bank and other related corporations.
The case was filed by PDIC counsel, Romeo Mendoza Jr., with state prosecutor Emmanuel Velasco.
State-owned PDIC is in-charge of reimbursing bank depositors whose accounts have P250,000 or less funds. They are also mandated to pore into the financial books of the troubled and closed banks and pursue litigation.
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