SEC secures ₱100-M assets linked to KAPA

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Metro Manila (CNN Philippines, June 16) — The Securities and Exchange Commission (SEC) said it has secured assets worth an estimated P100 million linked to religious group KAPA Ministry that had been accused of running a questionable investment scheme.

In a statement on Sunday, the corporate regulator said it obtained an order from the Court of Appeals instructing a freeze on KAPA's assets "to protect the interests of investors duped".

KAPA has denied the allegations and said it was open to investigations.

READ: KAPA members hold vigil, insist they are part of a religious organization

The court order covers insurance policies, cryptocurrency holdings, and other assets linked to the group, according to SEC.

The commission said public records show that "at least nine luxury cars and sports utility vehicles, along with a helicopter, are registered under the name of KAPA and its officers."

The group, it added, also claims to have acquired a hospital, a school, and other properties.

"The Commission will pursue more assets sourced from the investment scam perpetrated by KAPA," SEC said.

Short for Kabus Padatoon [translation: making the poor rich], KAPA receives donations from its "millions" of members. In exchange, donors are promised a 30 percent monthly return -- called "love gifts" or "monthly blessings" -- for life.

The Department of Justice on Saturday issued an immigration lookout order against the major incorporators and officers of KAPA, including its founder Pastor Joel Apolinario.

SEC Secretary Armando Pan, Jr. told CNN Philippines on Thursday that criminal charges will be filed against KAPA and those involved in its operations.

READ: KAPA open to probe amid investment scam allegations