One of them said he invested a total of P45,000 in Kapa offices in Taytay, Rizal province, and in Quezon City on March 13. Kapa members have appealed to the President, while their leaders have apparently gone into hiding after the government threatened to arrest them even without warrants. Syndicated estafaADVERTISEMENTIn its complaint, the NBI accused Apolinario, also Kapa president, and 13 other officials of committing eight counts of syndicated estafa, a nonbailable offense, and five counts of violation of the Securities Regulation Code (SRC). Ponzi schemes collapse when it becomes hard to recruit new investors, or when large numbers of existing investors cash out. Under its “self-proclaimed pastor” Apolinario, Kapa described the investments as “acts of religious donation” and the interest payout as “religious blessings,” the NBI said.

Source: Philippine Daily Inquirer July 08, 2019 23:15 UTC