Retired Manila cop nabbed for estafa

A retired ranking Manila police official, facing multiple estafa charges filed by retired and active policemen, was arrested the other day by operatives of the Western Police District (WPD) in an operation at a hotel in Malate, Manila, authorities announced yesterday.

Retired Col. Vicente Palmon was nabbed at the Aloha Hotel on the strength of a warrant of arrest issued by Manila Regional Trial Court Branch 28 Judge Nina Antonio-Valenzuela for estafa.

No bail was recommended for his release.

Palmon, president of the foreclosed Police Savings and Loan Association Inc. (POSLAI), is also facing separate estafa charges in other courts in the Visayas and Mindanao filed by bank depositors who failed to withdraw their deposits totaling millions of pesos, according to police.

Thousands of policemen, firemen and jail guards nationwide had also filed estafa charges against Palmon and POSLAI officials over the bank’s failure to pay its financial obligations to its depositors.

The Monetary Board of the Bangko Sentral ng Pilipinas revoked the license of POSLAI in 2003 over findings that the solvency of the quasi bank is imperiled by losses and irregularities.

Some 23 Manila police retirees had also filed 23 counts of estafa charges against Palmon after they failed to withdraw their deposits, which constituted their entire retirement pay deposited at POSLAI in the hope of earning interests.

"Palmon should face the consequences of what he had done to the old and ailing police retirees who are now penniless. These policemen are still hoping that they could recover their investments before they die," said retired police Col. Felicisimo Lazaro, president of the Manila’s Finest Retirees Association Inc. (MFRAI) which initiated the probe into the ailing quasi bank and currently assisting the victims in their legal quest to recover their money.

At least 20 more arrest warrants with no bail recommended are forthcoming against Palmon and his bank officials, according to Lazaro, who vowed to closely monitor the progress of the cases they filed against Palmon and his group.

POSLAI depositors who are seeking the recovery of their hard-earned money, ranging from a low deposit balance of P20,000 to a high of millions of pesos, hailed the arrest of Palmon as the start of their victory in their quest for justice.