The bible of Philippine politics

FG Cousin Slapped with P230 M Estafa case


Businessman facing a P230-million estafa case said to have led to the collapse of the LBC Development was arrested Tuesday in Muntinlupa City. InterAksyon

Former banker Benito Ramon “Bomboy” Araneta, a cousin of former First Gentleman Jose Miguel Arroyo, was arrested by personnel of the National Capital Region Police Office’s intelligence unit, led by Inspector Christian Burgos, at his home at his home on Acacia Avenue in Ayala Alabang around 3:50 p.m., according to information from lawyer Jerny de Leon, a private prosecutor from the Divina Law Office hired by the Philippine Deposit Insurance Corp.  InterAksyon

Araneta who is facing 16 counts of syndicated estafa over the disappearance of P230 million in depositors’ money in the collapsed LBC Bank, is detained at Camp Crame. InterAksyon

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