MANILA, Philippines – The National Bureau of Investigation (NBI) and the Philippine National Police (PNP) raided the Kapa-Community Ministry office in Compostela town in northern Cebu on Monday, June 10.
According to a report in SunStar Cebu, the operation was conducted after a warrant was issued by Manila Regional Trial Court Judge Marivic Umali against the group for alleged violation of the Securities and Regulation Code.
The Securities and Exchange Commission (SEC) said in a press conference in Manila on Monday that the Court of Appeals issued a freeze order on Kapa's assets over allegations that it is operating the largest investment scam.
The raid comes 3 days after a fire destroyed the office. According to reports, at least 5 men entered the office and burned down the building early morning June 8.
Kapa founder Joel Apolinario and the ministry's Cebu area manager Christopher Abad are named in the complaint.
Brigadier General Debold Sinas, regional director of the Central Visayas police, told police officers on June 3 that he would fire personnel involved in investment scams.
“I’m having police monitored too. If we catch anyone investing [in Kapa], they will be relieved and we will confiscate their service firearm,” Sinas said in Cebuano then.
He said the number of people invested in Kapa in Cebu reached at least 10,000.
“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 in an interview with Pastor Apollo Quiboloy on June 8.
Duterte said he has been telling people that “when it is too good to be true, it is [a] fraud.”
The SEC has revoked Kapa's certificate of incorporation for serious misrepresentation. – Rappler.com