Rural bank president accused of swindling arrested

MANILA, Philippines - The National Bureau of Investigation arrested a president and chairman of a credit community bank and a rural bank during an operation in Parañaque City last week.

In a statement issued yesterday, the NBI said Alfeo Vivas, president and chairman of the closed Euro Credit Community Bank Inc. (ECBI) and the Rural Bank of Bangued Inc. (RBBI), was caught when he attended a June 18 court hearing in a case in which he is the complainant.

The Bangko Sentral ng Pilipinas sought the help of the NBI for the arrest of Vivas, who remained at large.

Vivas and Leonicia Garduque face trial before the Tuao, Cagayan regional trial court (RTC) for eight counts of estafa through falsification of commercial documents.

He also faces trial for violating the New Central Bank Act for refusing to make reports or permit examination of the two banks – five counts before the Piat, Cagayan municipal circuit trial court and four counts before the municipal trial court of Bangued.

Vivas is also being tried for four counts of violating Batas Pambansa 22 before the Manila metropolitan trial court for allegedly issuing bouncing checks.