The Securities and Exchange Commission (SEC) will file criminal charges against officials of Surigao del Sur-based religious corporation Kapa Ministry Community International for operating a fraudulent investment scheme.
SEC’s efforts in running after KAPA got a boost after the Court of Appeals issued a freeze order on several bank accounts and assets belonging to KAPA.
With the freeze order, KAPA and its authorized representatives can not make withdrawals or fund transfers.
Kapa has been permanently barred by the SEC to do business in the country after having duped about five million unsuspecting Filipinos.
KAPA promised 30% monthly returns for a minimum investment of P10,000.
SEC chairman Emil Aquino said KAPA had “no substantial assets” to sustain its operations.
Based on its 2017 financial statements, KAPA only had ₱465,000 worth of assets, not enough to cover the promised 30 percent payout to investors.