Delfin Lee and Globe Asiatique Alleged Scam

A repost from my flagship blog MoneyLifeBlood:

My cousin bought two condo units in one of the Globe Asiatique projects in Quezon City.
The last news I heard was RCBC would be taking over the property.
My cousin is an Overseas Filipino Worker working in Dubai as an engineer.
She bought two condo units, one for herself and one for her girlfriend (yeap, she's lesbian).
Today, no one knows if she will be able to live there ever.

article.wn.com

The issue broke out in the open when Delfin Lee allegedly swindled Pag-ibig Fund money. There were ghost borrowers reported, housing loans amounting to Php 7 billion for two property projects in Pampanga. He was charged by the Department of Justice (DOJ) with "syndicated estafa," where bailout is not possible if indicted by court.

Some quick figures:

Php 7.031 billion swindled funds

9,951 accounts

Xevera housing projects in Bacoor and Mabalacat, Pampanga

from March 2008 - August 2010