Cebu Archbishop Palma warns public vs investment scams
MANILA, Philippines – Be wary of investment scams, Cebu Archbishop Jose Palma warned the public.
“Some people have ways to use schemes that fool other people,” Palma said in a statement on Monday, June 10. “Let us be careful of joining investments.”
The statement comes amid the raid of the office of Kapa-Community Ministry in Cebu. The group is accused of running one of the largest investment scams in recent history. (READ: SEC intensifies crackdown vs investment scams)
Kapa's office in Compostela town in northern Cebu was set on fire, however on Saturday, before Monday’s raid.
Central Visayas Police Chief Debold Sinas said at least 10,000 people in Cebu are invested in Kapa.
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.
“There will always be people that will find the gullibility and interest of other people and take advantage of it,” Palma said in a mix of Cebuano and English.
“We should think for ourselves because it's not difficult to judge which ones are valid,” he added.
He said that it is the government’s job to allow legit investment firms to operate and shut down the scams, but added the public should be “discerning.”
“While generosity is always a virtue, if you feel being fooled and taken advantage of, you should be discerning,” Palma said.
On Monday, June 10, the Securities and Exchange Commission (SEC) announced that the Court of Appeals ordered Kapa-Community Ministry International's bank accounts and assets frozen by the Court of Appeals (CA). – Ryan Macasero/Rappler.com