On appeal is the August 7, 2003 Decision¹ of the Court of Appeals (CA) in CA-G.R. CR No. 23240, which affirmed with modification the March 17, 1998² decision of the Regional Trial Court (RTC) of Pasay City, Branch 109, convicting Elvira Lateo (Lateo), Francisco Elca (Elca), and Bartolome Baldemor (Baldemor) of attempted estafa.

On April 28, 1995, Lateo, Elca, and Baldemor (petitioners), along with Orlando Lalota (Lalota) and Nolasco de Guzman (De Guzman), were charged with estafa in an information, which reads:

That on or about April 27, 1995, in Pasay City, Metro Manila and within the jurisdiction of this Honorable Court, accused ELVIRA LATEO y ELEAZAR, conspiring and confederating with FRANCISCO ELCA y ARCAS, BARTOLOME BALDEMOR y MADRIGAL, ORLANDO LALOTA and NOLASCO DE GUZMAN, and mutually helping one another, acting in common accord, by means of deceit, that is, by falsely representing themselves to be the true and [lawful] owner of a piece of land located in the province of Cavite, and possessing power, influence, qualification, property, credit, agency, business, or imaginary transactions and by means of other similar deceits, did then and there, willfully, unlawfully and feloniously induce ELEONOR LUCERO to part with her money in the amount of TWO MILLION (P2,000,000.00) PESOS, Philippine Currency, as indeed she parted only with the amount of Two Hundred Thousand (P200,000.00) PESOS, Philippine Currency, which said accused actually received in marked Philippine Currency, to the damage and prejudice of said ELEONOR LUCERO in the aforestated amount of Two Hundred Thousand Pesos (P200,000.00) PESOS Philippine Currency.

CONTRARY TO LAW. ³

When arraigned on May 31, 1995, petitioners, with the assistance of their counsel, entered their respective pleas of not guilty. Accused Lalota and De Guzman remained at large.

Trial on the merits then ensued. The prosecution's version of the facts is summarized by the CA in this wise:

Sometime in 1994, [petitioners] Lateo and Elca proposed that [Lucero] finance the titling of the 122 hectares of land located in Muntinlupa allegedly owned by [petitioner] Elca as the sole heir of Gregorio Elca. Title to the property had not been transferred to [petitioner] Elca's name because of a certain discrepancy between the Deed of Sale and TCT No. 77730. [Petitioner] Elca offered to assign to [Lucero] 70 hectares of said land. She was then introduced to [petitioner] Baldemor, Orlando Lalota and Nolasco de Guzman.

[Lucero] released to [petitioners] about P4.7 million in staggered amounts. [Petitioner] Elca told [Lucero] that certain portions of the property will first be put in the name of [petitioner] Lateo and would later be assigned to her. [Lucero] was given a Deed of Sale dated March 27, 1987. [Petitioner] Elca likewise executed an irrevocable Special Power of Attorney in favor of [Lucero]. Later, she was presented certified true copies of three (3) titles, TCT Nos. 195550, 195551 and 195552 issued by the Register of Deeds of Makati City in the name of [petitioner] Lateo covering approximately twenty-seven (27) hectares of Plan A-7 of the Mutinlupa Estate, situated in Barrio Magdaong, Poblacion, Muntinlupa. However, [in] December 1994, when [Lucero] verified with the Registry of Deeds of Makati, she discovered that the aforesaid titles of the property were actually registered in the names of Marc Oliver R. Singson, Mary Jeanne S. Go and Feliza C. Torrigoza.

[Lucero] confronted [petitioners] and demanded from them [the] return of the money. She was told that they did not have any money to return. They instead offered a five (5) hectare property identified as Lot 10140 of Plan Sgs 04213-000441 located at Bacoor, Cavite allegedly owned by [petitioner] Elca. [Petitioner] Elca, however, demanded an additional P2 million for the transfer of title.

When [Lucero] verified with the Land Management Bureau (LMB), she discovered that [petitioner] Elca only had a pending application for the sales patent over a four (4)[-hectare] area of the subject land. These misrepresentations prompted her to file a complaint with the Task Force Kamagong, PACC, Manila.

On April 26, 1995, the task force conducted an entrapment at Furosato Restaurant. [Petitioners] were apprehended in possession of marked 100-peso bills amounting to P100,000.00, supposedly in exchange for the Deed of Assignment prepared by [Lucero] for their transaction. ⁴

Petitioners’ version, on the other hand, is summed up as follows:

Sometime in 1994, [Lucero], [petitioner] Lateo, Oscar Lalota met with [petitioner] Elca in Muntinlupa to discuss the proposal of [Lucero] to finance the titling of [petitioner] Elca's land.

On June 28, 1994, in a meeting called by [Lucero], she laid down the terms and conditions regarding her plans to finance the titling of [petitioner] Elca's land. She proposed that 22 out of the 122 hectares of the land would be given to the old tenants of the property, the 30 hectares would be titled in the name of [petitioner] Elca as his retained share and the other 70 hectares would be her profit as financier of the transaction. [Lucero] would also pay P10.00 for every square meter of the 70 hectares or a total amount of P7 million. All the expenses for the titling and management of the land would be deducted from P7 million. The remaining balance would then be given to [petitioners].

[Lucero] assigned Oscar Lalota to work for the titling of the land and to prepare all documents necessary thereto. [Petitioner] Baldemor would act as overseer of the transaction as [Lucero's] attorney-in-fact. [Petitioner] Lateo would serve as secretary and assistant of [Lucero]. [Petitioner] Elca would guard the property to keep off squatters. He and his wife were instructed to sign all documents prepared by Oscar Lalota.

In December 1994, [Lucero] told [petitioner] Elca that upon verification from the Registry of Deeds of Makati City, she found out that all the documents submitted by Oscar Lalota pertaining to their transaction were falsified. Oscar Lalota disappeared after getting the money.

In order to recover her losses from the anomalous transaction, [Lucero]offered to purchase [petitioner] Elca's property in Cavite. [Petitioner] Elca agreed to sell 2 hectares of his property at a price of P100.00 per square meter. [Petitioner] Elca informed [Lucero] that the land was not yet titled although the documents had already been completed. [Lucero] agreed to pay in advance the amount of P200,000.00 for the immediate titling of the land.

On December 21, 1994, however, [Lucero] gave no advance payment. [Petitioner] Elca was made to return [in] January 1995. On that date still [Lucero] made no payment.

On [April] 25, 1995, [Lucero] promised to give the P200,000.00 advance payment at Furosato Restaurant [on] Roxas Boulevard, Pasay City. Having failed to contact his lawyer, on [April] 26, 1995, [petitioner] Elca went alone to Furosato Restaurant. Because of the absence of [petitioner] Lateo, [Lucero] postponed their meeting to [April] 27, 1995.

When [petitioner] Elca arrived at Furosato Restaurant on [April] 27, 1995, [Lucero] and her lawyer Atty. Velasquez, [petitioners] Lateo and Baldemor and Atty. Ambrosio were already there. Atty. Velasquez, upon the order of [Lucero], produced a document entitled Contract to Sell