DAVAO CITY, Philippines – President Duterte has ordered the Philippine National Police (PNP) and the National Bureau of Investigation (NBI) to shut down investment scams like Kapa-Community Ministry International, operating mainly in Southern Mindanao.
In an interview by his friend Pastor Apollo Quiboloy livestreamed on YouTube very early on Saturday morning, June 8, Duterte said the activities of these companies were clearly a form of “syndicated estafa.”
Several investment scams have sprouted in Southern Mindanao and have reportedly branched out to as far as Luzon in recent days. These include Kapa, headed by Joel Apolinario, which promises a 30% “love gift” each month.
Some schemes, such as the Tagum City-based Rigen Marketing, Jogle, and Ever Arm, even promise a return of up to 500%.
In the interview, Duterte said the NBI should immediately put a stop to these schemes
“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,” Duterte said.
He said he has been telling people that “when it is too good to be true, it is fraud.” (READ: Central Visayas top cop warns police vs joining investment scams)
“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],” the President added.
Duterte said the reality was that “no bank, even the Bank of America, can afford to pay you P30,000 a month for your P100,000.”
“When it is [too] good to be true, that is fraud,” he said.
He said the reality was that the money being used to “pay out” the old investors is what new investors have put in as “pay ins.”
“Just like Legacy…at the end of the day, you will get nothing,” he said.
Duterte said he was bound to force the stand of the government because these investment schemes “are into syndicated estafa.”
The Securities Exchange Commission had repeatedly issued cease and desist orders (CDO) against Kapa and other investment schemes but they continued to defy the orders.
Apolinario’s group challenged the SEC order before a General Santos City court but it was rejected. In March, the SEC made its CDO against Kapa permanent.
Ahead of the midterm elections, Interior Secretary Eduardo Año ordered the police and local government officials to shut down Kapa and other investment schemes but even mayors and governors were reluctant.
A politician hinted that going against these investment schemes could mean defeat. For example, in Davao del Norte, Kapa alone has over 10,000 members, according to sources.
There were also some reports that several politicians wooed votes by telling people they would not shut down Kapa and others when they win. (READ: Villarin: Money, power won vs sectoral advocacies in 2019 party-list race) – Rapper.com
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