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Duterte sets crackdown on 'investment' scams

President Rodrigo Duterte has ordered the closure of Kapa Community Ministry International for alleged illegal collections by enticing the people to put up money for investments in the guise of religion.

In a radio interview with Pastor Apollo Quiboloy of Sonshine Radio in Davao, the President also directed the National Bureau of Investigation and other concerned government agencies to close down investment schemes proliferating in Southern Mindanao, for tricking people to invest in bogus investments.

Duterte said the activities of these investment schemes, including the Kapa Community Ministry International, were clearly a form of estafa.

“The operation of Kapa was a clear pyramiding scheme, which collected money from its member to give to the pioneering operators of the group. When it is too good to be true, it is fraud,” Duterte said.

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.

Duterte said it was impossible for a group to give 30 percent monthly interests to investments because banks here and abroad could only give a maximum of three percent interest per year.

Official sources said investment scams had sprouted in Southern Mindanao and had reportedly branched out to as far as Luzon and including Kapa, headed by Joel Apolinario, which promises a 30 percent “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 percent.

“I told you many times, that never believe in this kind of scheme especially if their promise is like giving you heaven, no banks even the Bank of America can afford to give you P30, 000 monthly interest for your P100,000 investment,” Duterte said in Filipino.

He said that the interests received by its members were just drawn from the money of the newly recruited members who were also drawn into investing in the pyramiding scam.

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.

Topics: Rodrigo Duterte , Kapa Community Ministry International , Apollo Quiboloy , National Bureau of Investigation
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