President Duterte yesterday ordered the Philippine National Police-Criminal Investigation and Detection Group and the National Bureau of Investigation to padlock Kapa Community Ministry International Inc. and other similar investment firms offering huge returns similar to “Ponzi” schemes and warned the people behind these companies that they could be charged with syndicated estafa.
Speaking during an episode of “Give Us This Day” TV show hosted by Pastor Apollo C. Quiboloy over Sonshine Media Network, Duterte said that the group is obviously a pyramiding scheme. “That is pyramiding. When it is good to be true, it is fraud. Biro mo yung P100,000 mo would earn P30,000 a month? Ni Bangko Sentral natin magbigay tres lang porsyento,” he said.
The President ordered the NBI to immediately put an end to the investment schemes. “That is why NBI, sarahan mo na sila at dalhin mo doon sa…upon my orders,” Duterte said.
He said no bank could afford to offer extraordinary returns to people for their deposits.
“Kayong mga Pilipino ilang beses ko na kayo pinagsasabihan, ‘pag ang what is being promised to you, is something like heaven walang tao dito, walang bangko maski ‘yung Bank of America can afford to pay you P30,000 every month for your P100,000,” he said.
Citing the multi-billion Legacy scam, the President said the problem with any investment scheme would be that it would one day collapse, leaving several investors unpaid.
Duterte warned people who are into pyramid schemes to stop or risk being treated as drug pushers. “Do not do it because you might be treated as a drug pusher. Pag hindi talaga ninyo…Then I will…You want me to enforce it on you, or you obey government? Kayo. The choice is yours,” he said.
“The path to heaven is paved with… the one is paved with the intentions of the idiots to get the hard-earned money of the people. Let it not be said that I did not warn you. You guys in the pyramiding… Pity your family and your children,” he added.
The President referred to those defrauding people of their money as spawns of Lucifer.
“Iba ang kapatid, hindi nanloloko ng tao. Iyan ang mga anak ni Lucifer,” he said. “He has perfected the art of panloloko. He has also so many angels. Bad spirits, ‘yan ang kay Lucifer, pumapasok sa utak ng manloloko ng kapwa tao. They go into swindling and everything,” he added.
The Securities and Exchange Commission had revoked the certificate of corporation registration of Kapa Community Ministry International which was found collecting investments from the public in the guise of a “donation” even if it was not a registered issuer of any securities and not licensed to offer or sell securities to the public.
According to SEC, the Securities Regulation Code requires that the “issuing person and or entity must be registered corporation with SEC, the said securities offered are duly registered, and that the appropriate license and or permit to sell securities to the public are issued to the corporation and or its agents.” (Armando Fenequito Jr. and Argyll Cyrus B. Geducos)
