DAVAO CITY (JUNE 8) — President Rodrigo Duterte on Friday night ordered the closure of Kapa Community Ministry International for illegally collecting investments in the guise of religion.
Duterte bared his announce after he was asked by Pastor Apollo C. Quiboloy in its program “Give Us This Day” aired over Sonshine Media Network International on Saturday dawn.
The president said the operation of Kapa is a clear pyramiding scheme which collects money to its member to give to the pioneering people of the group.
“When it is good to be true, it is fraud, ” he emphasized.
Duterte said it is impossible for a group that could give 30 percent monthly interest to their investment because banks here and abroad could only give a maximum of three percent interest per year.
” Ito kayong mga Pilipino, ilang beses ko na kayong sinabihan na, pag ang – what is being promised to you, is something like heaven, walang bangko dito or maski Bank of America can afford to pay P30, 000 every month for your P100, 000 investment (I told you Filipinos many times, that never believe in this kind of scheme especially if their promise is like giving you heaven, no banks even the Bank of America can afford to give you P30, 000 monthly interest for your P100, 000 investment), ” Duterte explained.
He emphasized that the interests received by its members are just drawn from the money of the newly recruited members who are investing to their group.
“Ang problema, just like the legacy and everything, at the end of the day, yung walang makuha, (The problem here, just like the Legacy and other investment firms who were closed, at the end of they, the people cannot get their money) ” he said.
The President said the activity is a clear syndicated estafa and he immediately ordered the National Bureau of Investigation, Criminal Detection Group and the different Police Regional Offices in the country to close the said firm.
Last February, the Securities and Exchange Commission (SEC) issued a cease and desist order after receiving reports about the intensified recruitment and solicitation activities of KAPA through social media.
The SEC order said Kapa Community founder Joel Apolinario, had been charged with syndicated estafa in relation to the investment scheme, but the case was dismissed for lack of interest of the parties to pursue the complaint.
It stated that there is already a sufficient evidence to support its allegations that KAPA is engaged in offering for sale securities to the public through indiscriminate or random offering online via videos promoting its investment scheme to potential investors without prior registration.
The Commission also took note of its findings that the investment scheme of
KAPA has the characteristics of a Ponzi scheme as it promises an exorbitant rate of return with little or no risk at all to investors. –Armand Fenequito Jr./NewsLine.ph
