Masterminds of Kapa Community Ministry International, Inc., considered one of the biggest investment scams in the country’s history, were found guilty of swindling money from its investors.
The court also directed Apolinario and Abad to pay complainant Kenneth A. Gabuya actual damages amounting to P500,000. Through such false pretense or misrepresentation, Gabuya invested P500,000 on May 24, 2019, and had suffered damages as he did not receive the guaranteed interest following KAPA’s closure.
“It is not an investment strategy but a gullibility scheme, which works only as long as there is an ever-increasing number of new investors joining the scheme,” the court said.
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