Too good to be true: Duterte orders shutdown of investment scammer Kapa-Community
President Duterte has ordered the Philippine National Police (PNP) and the National Bureau of Investigation (NBI) to shut down the investment scam Kapa-Community Ministry International Inc., which operates mainly in Mindanao.
In an interview with Kingdom of Jesus Christ founder Pastor Apollo Quiboloy Saturday (June 8), Duterte said the modus of Kapa-Community and other similar firms is clearly a form of “syndicated estafa.”
“To the CIDG, the police, the special investigating teams including NBI, that is pyramiding. That is why you shut them down and haul them (to courts) upon my orders,” said Duterte in the interview, which was livestreamed on Facebook.
Kapa-Community, which is headed by one Joel Apolinario, promises a 30 percent “love gift” to its members monthly if they invest.
The Securities and Exchange Commission in March made the cease and desist order it issued against Kapa-Community permanent. The company was ordered to stop seeking investments without a proper license.
Duterte told the public that an investment scheme is clearly fraud “when it is too good to be true.”
“Imagine, your P100,000 earns P30,000 a month? Even our Bangko Sentral can only give 3%, and that’s annually. I have been telling the Filipino people that if what is being promised to you is something like heaven it’s fraud,” he said.
Duterte said the money put in by new investors is only being used by companies such as Kapa to pay those who had invested earlier.
“As the crowd gets thinner kasi nakabigay na lahat, ang ibalik nila kaagad ‘yung 30,000, ibigay ngayon, wala na. Magbigay siguro 5,000 na lang hanggang mawala na ‘yung investor, ‘Pag nawala ‘yung investor, you go kaput,” he said.