Official of shuttered Bicol bank jailed for P6.5-M in fake loans

By: - Reporter / @daxinq
/ 05:15 PM April 16, 2018

A former director and officer of a shuttered rural bank in Camarines Sur was convicted for granting fake loans to borrowers and sentenced to up to three years and a half years in prison for having falsified commercial documents, the central bank said on Monday.

In a press statement, the Bangko Sentral ng Pilipinas said Evelyn Cueto Ramirez of the defunct Rural Bank of Milaor (Camarines Sur) Inc. participated in the processing and grant of four fictitious and fraudulent loans in the names of Conrado Colarina, Arthur Deliva, Riza Dioneda and Flordeliza Grayda totaling P6.5 million.


Previously, the bank’s president, Pepito Cilos, was also convicted by a local court on four counts of falsifying of commercial documents, and on four counts of making false statements under banking laws. Cilos was also convicted by the Regional Trial Court of Naga City on four counts of various banking law violations.

The criminal cases stemmed from the preparation and signing by Ramirez of the bank’s consolidated statement of condition in June 2008, which was submitted to the BSP and to its examiners.


“As a member of the bank’s board of directors, Ramirez approved the grant of the loans,” the central bank said. “As the bank’s cashier, she participated in processing the loan proceeds of the fictitious loans.”

The regulator added that, as branch services head, she was also aware that the loans were recorded in the bank’s books.

“Thereafter, as the bank’s treasurer, she signed, under oath, and submitted to the BSP, the consolidated statement of condition of the Rural Bank of Milaor, which reported and misrepresented the bank’s loan portfolio, because it included the four fictitious and fraudulent loan accounts,” the BSP said.

Thus, the court considered the financial report of the bank a falsified commercial document. Also, for having been submitted to the BSP and to its examiners, the same report was considered a false statement in violation of banking laws.

For the fake loans, Ramirez was found guilty beyond reasonable doubt for the crime and sentenced to suffer imprisonment of a minimum of six months, up to a maximum of three years, six months and 21 days of prision correccional, and to pay a fine of P3,000. For making false statements, she was sentenced to suffer minimum imprisonment of one year, to a maximum three years, as maximum. /je

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TAGS: camarines sur, Evelyn Cueto Ramirez, fraud, loan, rural bank
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