MANILA, Philippines - The Philippine Deposit Insurance Corp. (PDIC) has filed, with the Department of Justice (DOJ) Task Force on Legacy, its third syndicated estafa case against Celso de los Angeles and 16 others including the board of directors of the closed Rural Bank of Bais. All respondents were responsible for siphoning P29.6 million from the bank through fraudulent transactions.
These funds were generated from the general public through aggressive deposit solicitation. RB Bais is a Legacy-affiliated bank now under PDIC receivership. PDIC president Jose C. Nograles said they continue to investigate the Legacy-affiliated banks and gather evidence for subsequent cases to be filed, including 44 more cases involving fictitious loans/deposits of Legacy corporations aimed at siphoning off funds from the Legacy banks for the benefit of De los Angeles, anomalous assignments of overvalued properties to Legacy banks to erase fictitious loans, conversion of pre-need plans to deposit without actual cash inflow, accommodation by the Legacy banks of unfunded personal checks of de los Angeles, creation of fictitious deposits from proceeds of fictitious loans, and creation of fictitious loans to acquire properties for the personal use of De los Angeles and Legacy-related companies.