The Securities and Exchange Commission (SEC) denied on Tuesday that it had been influenced by Pastor Apollo Quiboloy to close the International Ministry of Kapa.
SEC President Emilio Aquino made the statement a few days after President Rodrigo Duterte appeared in a televised interview with his long-time friend Quiboloy and ordered Kapa to be disbanded.
"Hindi po totoo yun kasi considering the practice of freezing order, arrest warrant, we were already securing this before and after the lang nagkataon nitong Monday," he told DZMM radio.
Aquino said they asked the Court of Appeals to freeze Kapa's bank accounts and assets.
He said earlier that the SEC will "pursue criminal charges against Kapa officials and defenders."
The SEC said Kapa has pledged billions of dollars to its members, but the group's assets can not support such claims.
The group accepted investments, which they dubbed "donations" of no less than P10,000 from each of its members and in return promised a 30 percent monthly interest rate, dubbed "blessings" by the group.
By comparison, the best performing mutual fund in the country only yielded 9% returns for a full year.
The SEC said that this could be considered one of the biggest investment frauds in the Philippines since it has received no less than P50 billion of its members.