PDIC files syndicated estafa case vs rural bank officers
MANILA, Philippines - The Philippine Deposit Insurance Corp. (PDIC) has filed before the Department of Justice a criminal complaint for syndicated estafa against six former officers of a shuttered rural bank.
In a statement, the PDIC said it filed the complaint last October 10 against the president and chairman and relatives of controlling stockholders of the closed Rural Bank of Milagros (Masbate), Inc. (RBMI).
The RBMI was placed under PDIC receivership on November 29, 2007.
The PDIC filed charges of syndicated estafa through falsification of commercial documents against the following former RBMI officers:
Rosie V. Besonia (Vice President, Manager and Stockholder);
Mizel S. Tarantan (Corporate Secretary, Cashier and Stockholder);
Larry Descalzo Estrella (President, Chairman and Stockholder); and
Emmie Tamayo Estrella (Stockholder).
Two relatives of the controlling stockholders, Luis Romero Estrella and Eugene Tamayo Estrella, who were also borrowers of the bank, were also included in the complaint.
In its complaint, PDIC alleged the respondents diverted and converted P860,000 of bank funds as loans to the Estrellas as approved by Besonia and Tarantan from July 14 to Nov. 29, 2006.
After the Estrellas got the loan proceeds, the loan was later removed from the bank's outstanding liability records by falsifying official receipts, accounting tickets, proofsheets and loan schedule, days before the bank's closure.
"This was done to make it appear that the loans had been paid when in fact, no loan payments were received by the bank," the PDIC said.
The PDIC further noted affidavits of two former RBMI bookkeepers said there was no actual payment of loans. They said Besonia and Tarantan instructed them to sign official receipts as proof of the payment.
"PDIC continues to pursue legal actions against bank officials and personnel who have been found to have engaged in unsafe and unsound banking practices, which pose grave threats to the stability of the country’s banking system," it said.