Tuesday Nov, 19 2019 05:48:11 AM

NBI, CIDG raid KAPA offices in Tagum, GenSan

Breaking News • 22:00 PM Mon Jun 10, 2019
Apolinario Bendahe/contributor
Pastor joel Apolinario and his women in KAPA, PRRD in Pastor Quiboloy TV show..(contributed pho9to)

GEN. SANTOS CITY – Agents of the National Bureau of Investigation (NBI) and Police Criminal Investigation and Detection Group (CIDG) on Monday raided the KAPA Ministry International offices in Tagum and in Gen. Santos City days after Pres. Duterte’s order to shut down the pyramiding scheme.

Also the Securities and Exchange Commission (SEC) will file criminal complaints against officials of KAPA Ministry International for operating an investment scam. KAPA which has Cebuano meaning that says “Kabus Padatuon” (Make the poor rich).

On Friday, President Duterte ordered authorities to shut down Kapa, which is operating as a religious group.

At a news conference in Manila, SEC Chairman Emilio Aquino said regulators had held back in taking action against KAPA because it was operating as a religious organization.  Aquino also saiod that court injunctions also caused setbacks.

But Aquino stressed that no court below the Court of Appeals can stop the decisions of the SEC.

"We intend to pursue criminal charges against officials and defenders of KAPA," Aquino said.

Aquino said KAPA has no appropriate secondary license for investment products. However, it still solicited what it called "donations" that promised returns as high as 30 percent per month.

SEC calls KAPA “the largest investment scam in recent Philippine history.”

The Court of Appeals on Monday has frozen KAPA-Community Ministry International's bank accounts and assets over allegations that it operated the largest investment scam in recent Philippine history.

The freeze order was issued last June 4 even before Pres. Duterte directed NBI and CIDG to shut down KAPA.

In a statement, the CA said it found probable cause that KAPA was involved in unlawful activity.

SEC found KAPA to be recruiting members to donate a minimum of P10,000 in exchange for a 30 percent monthly return of donations.

Aquino said KAPA was engaged in a Ponzi scheme, an investment program that offers ridiculously high returns and pays investors through the capital contributed by later investors.

Aquino said Kapa will eventually run out of cash, with the last investors to suffer the most.

KAPA needs P15 billion a month to pay its alleged 5 million members who have contributed at least P10,000 each.

Aquino said with 5 million donating at least P10,000 “we are talking here of P50 billion investment scam.” Aquino added that some or many of KAPA donors have contributed hundreds of thousands and even millions.



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