30% RETURN | NBI closes ministry group found soliciting P50 billion in donations

June 10, 2019 , 09:09 PM

JUNE 10, 2019 — The National Bureau of Investigation (NBI) has shut down a religious group on Monday for allegedly running a scam worth P50 billion, which they described as possibly the biggest in the country.

The NBI served Kapa Community Ministry Incorporated in Tagum, Davao del Norte a cease and desist order from the Securities and Exchange Commission (SEC).

The SEC reported that Kapa continued to solicit at least P10,000 each from its five million members in exchange of a 30-percent return.

Kapa said a regional trial court in General Santos granted it a writ of injunction that barred the commission’s previous closure order to proceed.

The SEC, however, maintaned that there is no such ministry, and that it has the jurisdiction on the group.

“This pertains the nature of an investment contract and it is required prior registration with the SEC.There is no Kapa Ministry as far as the SEC is concerned; it has already been revoked for violation of the securities regulation code and the revised corporation code,” SEC Chairman Emilio Aquino said.

In warning other possible scammers, the SEC assured guilty Kapa members will face criminal charges.

Kapa responded it will stop operations for 10 days after Monday’s raid, where the NBI found desks designated for the police and the military.

The NBI said it is also investigating uniformed personnel as ordered by President Rodrigo Duterte.

“Isa pa ang mga ‘yan. Kayong mga CIDG, kayong pulis, the special investigating teams there, pati NBI, that is pyramiding. When it is too good to be true, it is fraud. Sarahan mo na ‘yan upon my orders,” Duterte said.

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