Suspect in P176-M bank scam in Baugio City falls

BAGUIO CITY, Philippines - A former bank employee, who, together with his wife, was accused of running off with P176 million in investments from a local businesswoman, was finally arrested in Baguio Monday afternoon. Ricardo Pangan, regional director of the National Bureau of Investigation (NBI) in the Cordillera, identified the suspect as Victor Garcia Sarabia, 53, a former bank employee from San Fernando City, La Union, whose last known address was at 18 St. Michael Street, Petersville Subdivision, Camp 7, Kennon Road. Sarabia's wife and co-accused Ma. Victoria aka Marivic, a former teller at the Philippine National Bank (PNB) Session Road Branch, remains at large and is believed to be hiding abroad. Both face charges for six counts of estafa. According to Pangan, NBI agents arrested Victor after he attended a court hearing at the Baguio Justice Hall around 4:45 p.m. last Monday, August 4. He said the charges against the Sarabia couple stemmed from the complaint of a local businesswoman, a resident of Leonard Wood Road, whose identity was kept under wraps for security reasons. This resulted, after the couple continued to persuade their victim to reinvest her supposed savings of P150-million until October 2007, but was discovered not to have deposited her money in the bank at all only recently. The complainant said she was approached by the Sarabia couple sometime before September 2002 with a proposal to invest or participate in a trust fund established by PNB, which would yield a guaranteed interest. "Since I am personally familiar with the spouses, they being my inaanak sa kasal or godchildren in their wedding, and (Marivic) whom I first met at PNB where she has been employed, I was made to believe such investment would be for my advantage and benefit," the complainant said. After the complainant transacted with Marivic for the opening of her trust fund, she was issued a PNBig passbook with Savings Account 6131000069943, but which number was later changed to 6131000069944, on September 3, 2002. After a period of two years or until September 2004, the complainant was able to turn over several amounts to Marivic, thinking she was transacting with PNB through an employee, until her investment reached P85-million. "The complainant maintains she would not have made the deposits were it not for the trust and confidence she had with the respondents, again on the latter's misrepresentations the amounts were received for and in behalf of the PNB, and to be deposited later on at complainant's account with the said bank," Assistant City Prosecutor Conrado Catral Jr. said in his resolution dated January 21, 2008. "Apparently, the amount was misappropriated by the respondents for their own benefit, and to the complainant's prejudice," he continued. In order to further convince the complainant, Catral said, Marivic allegedly manipulated the entries in the complainant's passbook and reflected therein the P85 million deposit had already earned an interest of P16.2-million as of September 2004. Not aware of the respondent's scheme, the complainant made four other deposits with her that year or P8.5-million on October 2, P5.7-million on October 28, P2.45-million on November 2, and P3.25-million on November 9. As of September 5, 2005, the complainant already turned over a total of P150 million to Marivic, and to further convince her not to withdraw her savings in the supposed trust fund, the latter was issued PNB Official Receipt No. 11149. "The following year, the respondents again convinced her to renew her deposits until January 2008, and assured the complainant the total amount of P176-million will be returned to her. PNB Official Receipt Nos. 35384 and 52392, dated October 3, 2006 and October 2, 2007, respectively, were issued to the complainant," Catral continued. On January 3, the respondents informed the complainant of the amount of P176 million, only P26-million will be delivered to her by January 7. – Sun.Star Baguio