BSP files large-scale estafa against Legacy owner, rural bank

MANILA, Philippines - A large-scale estafa against Celso G. de Los Angeles Jr. and Pilipino Rural Bank's former presidents and board members was filed by the Bangko Sentral ng Pilipinas (BSP) last week for siphoning off P262.2 million from the Cebu-based bank. In a statement, BSP said Alexis Petralba and Wilfredo Novo conspired with de Los Angeles, who "illegally extracted" funds with the use of his current account. The Department of Justice has been requested to include the respondents in the watchlist of the Bureau of Immigration. "Bank records and statements of witnesses indicated that with the indispensable cooperation of these two officers, unauthorized diversion of funds were made to the current account maintained by Mr. de los Angeles at Pilipino Rural Bank through fraudulent accommodation of 3,402 unfunded and returned checks amounting to P262.2 million from September 2007 and September 2008," it added. This case constitutes the seventh filed by BSP with the Department of Justice against Legacy officials: four for syndicated estafa, one for large-scale estafa, and two for the falsification of a total of 165 public and commercial documents. Having deposits amounting to P2.27 billion as of September 2008, the Pilipino Rural Bank declared a bank holiday in December. -GMANews.TV