In a statement on Saturday, the SEC said the seizure followed an asset freeze order issued by the Court of Appeals on June 4. ADVERTISEMENTThe SEC said it believes millions of Filipinos were lured to invest in the fraudulent scheme, which allegedly disguised investment-taking activities as a religious exercise. “Several banks have initially frozen more than P100 million pursuant to the freeze order,” the SEC said. “We cannot simply wait for the fraudulent investment scheme to crumble and for the investors to suffer before we take action,” SEC chair Emilio Aquino said in the statement. “The commission will pursue more assets sourced from the investment scam perpetrated by Kapa,” the SEC said.

Source: Philippine Daily Inquirer June 15, 2019 21:11 UTC