Duterte wants Kapa, other investment scams probed, shut down

Inquirer.net June 08,2019 - 01:44 PM

MANILA, Philippines — President Rodrigo Duterte on Saturday ordered the National Bureau of Investigation (NBI) and the Criminal Investigation and Detection Group (CIDG) to probe and if warranted, shut down Surigao del Sur-based religious corporation Kapa-Community Ministry International Inc. (Kapa) and other groups for alleged involvement in investment scams.

“Kayong mga CIDG, kayong pulis – the special investigating teams there…( pati NBI ) that is pyramiding,” Duterte said in an interview over Pastor Apollo Quiboloy’s program “Give Us This Day.”

“When it is good to be true, it is fraud,” the President added.

Kapa, a Surigao del Sur-based religious corporation, was allegedly soliciting investments from the public by encouraging them to “donate” any amount in exchange for a 30 percent monthly return.

In March, the Securities and Exchange Commission (SEC) issued Kapa a permanent cease-and-desist order (CDO).

READ: SEC makes permanent cease-and-desist order vs KAPA

The SEC also advised the public to avoid Davao-based Rigen Marketing, which is also allegedly  soliciting investments with promises of high returns in a short time.

READ: Avoid Rigen Marketing, SEC tells public

“Biro mo yung P100,000 will earn P30,000 a month?! Yung Bangko Sentral nga, di mabigay tres lang na porsyento,” the President added. “Annually ha?!”

“Walang tao dito, walang bangko yung maski Bank of America can afford to pay you P30,000 every month for your P100,000,” Duterte added.

“That is why NBI, sirahan (isara) mo na sila at dalhin mo doon (sa kulungan) upon my orders,” Duterte ordered.   (EditorMike U. Frialde)

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TAGS: investment scams, KAPA, President Rodrigo Duterte

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