The SEC was able to secure the assets based on a freeze order issued by the Court of Appeals, which the corporate regulatory body obtained through the Anti-Money Laundering Council (AMLC).
Kapa Community Ministry International Inc. FB Page
SEC secures P100-million assets linked to KAPA
Iris Gonzales (The Philippine Star) - June 17, 2019 - 12:00am

MANILA, Philippines — The Securities and Exchange Commission has so far secured more than P100 million worth of assets linked to Kapa Community Ministry International Inc. (KAPA), a religious organization tagged by the SEC in what is described as the largest investment scam in recent years.

The SEC was able to secure the assets based on a freeze order issued by the Court of Appeals, which the corporate regulatory body obtained through the Anti-Money Laundering Council (AMLC).

SEC chairman Emilio Aquino said the freeze order would protect the interests of the investors who were duped by the organization.

“KAPA amassed wealth through an investment scam in the guise of religion and at the expense of the investing public,” Aquino said, adding the scheme is not sustainable.

“We cannot simply wait for the fraudulent investment scheme to crumble and for the investors to suffer before we take action,” he added.

Acting on the freeze order, several banks have initially frozen more than P100 million worth of assets linked to the group.

The SEC said it would continue to run after assets sourced from the investment scam.

Based on investigation conducted by the SEC, KAPA and its officers have at least nine luxury cars and sport utility vehicles, and a helicopter.

The group also claimed to have acquired a hospital, a school and other properties.

The SEC issued an advisory against KAPA as early as March 2017, and a cease and desist order on Feb. 14 this year.

On April 3, the SEC revoked the group’s registration as a non-stock corporation.

KAPA officials reportedly urged its members to “donate” at least P10,000 in exchange for a lifetime 30-percent monthly return on investment.

ANTI-MONEY LAUNDERING COUNCIL KAPA COMMUNITY MINISTRY INTERNATIONAL INC. SECURITIES AND EXCHANGE COMMISSION
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