The Philippine Deposit Insurance Corporation (PDIC) filed charges of syndicated estafa against five former Directors and officers of the closed Export and Industry Bank (EIB), as well as two officers of Arthaland Corporation for misappropriating the bank's funds in favor of Arthaland. Respondents were likewise charged for irregularities and for conducting business in an unsafe and unsound manner in violation of Republic Act 3591, as amended, otherwise known as the PDIC Charter. EIB is a 50-unit commercial bank ordered closed by the Monetary Board and placed under receivership by the PDIC on April 26, 2012.

In a complaint filed before the Department of Justice (DOJ) in March 2015 docketed as XVI-INV-15C-00082, the PDIC charged Jaime C. Gonzalez, former EIB Chairman, Juan Victor S. Tanjuatco, former EIB President and Director, Aurea I. Yamsuan, former EIB Vice President, Teresita Q. De Ocampo, former EIB Chief Financial Officer, Riva Khristine V. Maala, former EIB Assistant Corporate Secretary, Angela De Villa-Lacson, Arthaland Corporation President, and Froilan Q. Tejada Arthaland Chief Financial Officer with syndicated estafa.

The complaint which is based on investigations conducted by the PDIC alleged that the respondents connived to misappropriate EIB funds in the amount of P9.7 million to fast-track the purchase of several properties in Batangas (Batangas properties) for the benefit of Arthaland Corporation. Arthaland is owned and controlled by EIB Chairman Jaime C. Gonzalez. The respondents allegedly continued to misappropriate EIB's funds when these were unlawfully disbursed to cover for the management and other expenses of the aforementioned Batangas properties.

The complaint also alleged that the respondents deceived the bank by intentionally concealing from the EIB Board and Executive Committee the advance made by the bank to purchase the Batangas properties. Only a resolution from the EIB Board can authorize such disbursement.

The filing of charges against the EIB and Arthaland officers is in support of PDIC's efforts to bring to justice parties that engage in acts that will put depositors and the Deposit Insurance Fund (DIF) at risk. The PDIC had earlier filed a criminal complaint against Gonzales, Tanjuatco, de Ocampo and other EIB officers namely Nilo L. Pacheco, Jr., Alex Luis M. Pesigan and Adeline L. Grimares for conducting business in an unsafe and unsound manner in violation of the General Banking Law of 2000. The said complaint alleged that respondents authorized and allowed the payment of a success fee in the amount of US.8 million when the obligation to pay such a fee has not arisen. Of this amount, US.0 million was received by another company, AO Capital Partners Limited, where Gonzales was also the Chairman.

PDIC vigorously pursues legal action against erring bank owners, officers and personnel for the benefit of depositors/creditors and to protect the DIF, PDIC's funding source for payment of insured deposits.

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