SECP warns public against fake investment entities

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a public warning to refrain from investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives.

Officials said that few registered companies and unregistered entities portraying to be registered with SECP and FBR, or otherwise, are offering unauthorised business activities of leasing facilities, MLM, pyramid schemes, and seeking deposits from the general public in the name of jobs, investment and trading.

The SECP has further clarified that the registration of a company does not authorise it to solicit deposits from the general public or offer investment schemes.

Officials said that SECP has initiated legal proceedings against various companies under the relevant provision of the Companies Act 2017. The companies included BH Online Jobs Services (SMC-Pvt.) Limited Karachi, IDG Enterprises (Pvt.) Limited (Islamic Dubai Group) Islamabad, Pakistan Edification Services (SMC-Pvt.) Limited Islamabad, 3A Alliance (Pvt.) Limited Karachi, Galaxy Typing Jobs (SMC-Pvt.) Limited Islamabad, Black Diamond Goat Farm (Pvt.) Limited Multan, Memon Corporation (Pvt.) Limited Karachi, Best Day Innovative Solutions (Pvt.) Limited Faisalabad, Corporate Automobiles (Private) Limited Peshawar, Pak Memon Impex (Private) Limited Islamabad, Montviro (Private) Limited Islamabad, M/s Neamat Ullaha & Amjad Javed and Company (Private) Limited, Multan, Ayat Enterprises (SMC-Private) Limited Islamabad, FS Links (SMC-Pvt.) Limited Multan, Brand testing Servicing Pakistan (Private) Limited Multan, Induction and Assessment Initiative (Private) Limited Islamabad, Fragrance Land (SMC-Pvt.) Limited Islamabad, Humanitas Meritus (SMC-Private) Limited Karachi, Direct Testing Services (Private) Limited Islamabad, Gold Transmit Network Technology (Private) Limited Karachi, Green Apple SuperMarket (Private) Limited Karachi, Tianshi International Pakistan Co. (Pvt.) Limited Islamabad and DXN International Pakistan (Private) Limited Karachi. 

Apart from these companies, SECP also frequently receives complaints and queries against various companies regarding unauthorised activities.

These companies include Global Testing Services (Private) Limited Islamabad, Online Mass Solutions (Private) Limited Lahore, Go Big Trade (Private) Limited Karachi, Memon Merchandise Limited Karachi, Btech Online Work (SMC-Private) Limited Karachi and A & F Online Jobs Services (Private) Limited Karachi, Get by Adds (Private) Limited Quetta, View Advice Marketing (SMC-Private) Limited Sukkur, Speed Bikes (Private) Limited Multan, Global Ads & Marketing (Pvt.) Limited Karachi,  Global Sky Trade (Pvt.) LimitedPeshawar, View Ads (Pvt.) Limited Islamabad, HR Butt & Sons (Private) Limited  Karachi, First Vehicle (Pvt.) Limited Karachi, Hope Alliance Trading (SNIC.Pvt.) Limited Karachi, Lasani Oil Traders (F,7) Limited Lahore, New Lassani Chicks and Chicken (Pvt.) Limited Islamabad, Paradise Alliance (Pvt.) Limited Karachi, Memon international Management (Pvt.) Limited Karachi, MGI Inures (Pvt.) Limited Lahore, M. N. M. Motorcycle (Pvt.) Limited Faisalabad, Sambrosons Enterprises (SMC-Private) Limited Peshawar, MM Qureshi International (Pvt.) Limited Peshawar, Paradise Merchant Karachi, Alliance in Motion Global (Pvt.) Limited Lahore, British Lyceum (Private) Limited Lahore and B4u group Lahore as well as Karachi.  

The general public is hereby advised to not be misled by any schemes, investment plans and programmes offered by these entities.