After the Bangko Sentral ng Pilipinas (BSP) junked their complaint against the officials of the Rizal Commercial Banking Corporation (RCBC), the Inang Nag-Aaruga sa Anak Foundation recently filed a Petition for Review at the Court of Appeals (CA).

The complaint for unsafe and unsound banking practices was against not only RCBC President and Chief Executive Officer Eugene S. Acevedo, but all current and former members of the bank’s board of directors, and a now-dismissed branch manager named Liza Arzaga.

According to the complaint, Arzaga, who was then the branch manager of RCBC, advised that the complainants’ funds be put in various investment products under RCBC and its sister-companies Malayan Leasing and Grepalife. The complainants agreed and trusted the Bank, through its branch manager Arzaga, that their funds would be invested in a multitude of investment plans. They also claimed that the documents were offered, signed and processed within the premises of RCBC’s Garnet Road branch, of which Arzaga was the manager.

But it was soon revealed that the funds were not put in any plan, Arzaga instead gave the complainants fake documents and supposedly ran off with the monies.The claimed fraud was discovered sometime in 2018 when Arzaga was requested by a bank customer to transfer over PhP 37 million from one account to a checking account. Despite the presentation by Arzaga of machine validated deposit and withdrawal slips evidencing the transfer of…

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