CITY OF SAN FERNANDO?State-run Home Development Mutual Fund (Pag-IBIG Fund) has prepared a syndicated estafa case against real estate developer Delfin Lee in connection with his Xevera housing projects in Pampanga that received billions of pesos from the agency partly using spurious Pag-IBIG members.
Syndicated estafa (fraud), which constitutes economic sabotage, is a nonbailable offense.
The criminal case is scheduled to be filed in the Department of Justice Friday, according to a Pag-IBIG Fund insider who, while confirming the legal action, did not want to be named for lack of authority to talk to reporters.
Pag-IBIG has gathered evidence against Lee, founder and president of Globe Asiatique Realty Holdings Corp., involving ?conspiracy,? the source said.
The case is set to be filed at the instance of Vice President Jejomar Binay who, as chair of the Housing and Urban Development Coordinating Council (HUDCC), ordered an investigation of spurious buyers of house and lots processed by Lee?s Globe Asiatique in Xevera Bacolor and Xevera Mabalacat.
The buyers were covered by the Other Working Groups (OWG) program Globe Asiatique pioneered for Pag-IBIG.
The OWG program began under the term of former Vice President Noli de Castro, who served as concurrent chair of the Pag-IBIG board of trustees and HUDCC.
Globe Asiatique took out loan proceeds worth P6.552 billion for 8,973 accounts from March 2008 to May 2010, documents showed.
Pag-IBIG, according to the documents, broke its own rules, including warranty requirements, to hasten the release of loans to buyers who then assigned the loan proceeds to Globe Asiatique as payments for the housing units.
Lee has denied wrongdoing in the Xevera projects.
Filmal Realty blacklisted
Pag-IBIG has blacklisted Globe Asiatique for its failure to buy back 1,753 accounts worth P1.2 billion and remit monthly amortization payments.
Lee said he could not immediately pay the amount, indicating he could not fulfill the five-year buyback guarantee he had committed to apply on almost 9,000 Xevera houses with loan takeouts worth about P7 billion.
Pag-IBIG also blacklisted Filmal Realty, a sister firm of Globe Asiatique, when evidence of the spurious scheme was confirmed in St. Monique Valais housing project in Binangonan, Rizal.
Before a Senate investigating panel, Pag-IBIG officials said Globe Asiatique paid for the monthly amortization of buyers, through a collection servicing agreement, to cover the spurious members.
The unqualified Pag-IBIG members who were made to sign official loan documents were called ?special buyers.?