SECP Imposes Rs 4 billion Fine on B4U Group
Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has fined B4U Group an aggregate of Rs 4 billion.
Details indicate that SECP has finalised adjudication proceedings against B4U Group and its sponsors for illegally soliciting public deposits and operating pyramid schemes in violation of the Companies Act of 2017.
The B4U Group is comprised of 18 corporations organised under the Act and five unincorporated business entities. All 18 businesses have been registered within the past two years. The main sponsor of B4U Group is Saif-ur-Rehman, along with his close family members.
After finishing the legal process, SECP has barred the sponsors of B4U Group from serving as directors of any firm for a period of five years and fined each sponsor Rs 100 million.
In addition, the sponsors are prohibited from incorporating any new companies under the Act. In addition, SECP has authorised the liquidation of all 18 B4U Group firms and issued a penalty of Rs 200 million each company.
In addition to starting enforcement actions, SECP has often issued press statements urging the public not to invest in illegal and shady investment schemes, while taking stringent enforcement action against organisations and sponsors that breach their mandate.
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