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.
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“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.
