Chinese school treasurer faces P3.8-million estafa raps

MANILA, Philippines - A treasurer of a Chinese primary school was charged with estafa before the Manila Regional Trial Court (RTC) Friday for allegedly diverting P3.8 million in school funds in 2005.

Chua Beng Theng, board chairman and president of Jin Nan Institute in Binondo, said Jaime Dychauco was appointed school treasurer in 2005. The school is financially supported by the Philippine Grand Mason Fraternity, a charitable organization.

Court records show that in January 2007, officials of the Jin Nan Institute found out that the school has no more funds to pay the salaries of its teachers and to cover other school operating expenses.

Upon verification made with the bank where the school maintains its funds, Chua said they were told that Dychauco made two withdrawals in 2005 totaling P3,845,360.

Chua said he discovered the withdrawal slips presented by Dychauco in both bank transactions – the first on Aug. 23, 2005 for P820,560.62, and the second for P3,024,800 on Oct. 25, 2005 – carried his signatures, which he said were forged.

Chua said Dychauco admitted making the unauthorized withdrawals but countered he will readily return the money only if he is designated chairman and president of the fraternity.

Chua said Dychauco failed to return the funds even though school officials had repeatedly demanded their return.

Assistant City Prosecutor Teresa Escobar-Pilares, who filed the charges in court, recommended bail for Dychauco at P40,000. – Sandy Araneta