In a previous column, I wrote about the biggest investment scams in the country based on a 2015 compilation made by ANC News Channel. I am trying to update the list because of recent developments
The biggest investment scam appears to be the Kapa Community International Ministry, which is now the subject of a criminal complaint filed by the Securities and Exchange Commission before the Department of Justice.
He lured the people of Pagadian and other parts of Mindanao to part with their hard-earned money through a Ponzi-style investment scheme that promised huge returns. Meanwhile, SEC is also besieged by reports that many people have fallen victim to swindling syndicates that operate online. The PPM started in November 2018 and according to a report published by BusinessWorld, Senior Supt. Manuel M. Lukban, Jr., Senior Supt. Raul S. Supiter, and Supt. Henry P. Binas had a hand in the investment scam that robbed people of some P2 billion.
That kind of interest rate should be a huge red flag flying but easy money attracted not just cops, but also prosecutors, judges and civilians.