Cousin of Mike Arroyo arrested for misuse of bank money

MANILA — Former First Gentleman Jose Miguel Arroyo’s cousin was arrested in his home in the posh subdivision in Ayala Alabang on Tuesday for allegedly misappropriating nearly P230 million from a bank that was bankrupt in 2011.

Benito Ramon “Bomboy” Araneta, is now facing 15 counts of estafa for his alleged connivance with former LBC Development Bank president Ma. Eliza Berenguer to defraud the bank.

The arrest warrant was issued last Aug. 1 by presiding judge Maximo de Leon of the Makati Regional Trial Court Branch 143.

There was no resistance from Araneta during the arrest at around 4:10 p.m, last Tuesday.

Meanwhile, the court did not recommended a bail for Araneta, according to Senior Supt.

Allan Nobleza, police chief of Muntinlupa City.