SECP Warns Citizens Against Investing in Fraudulent Schemes
Islamabad: The Securities and Exchange Commission of Pakistan (SECP) issued a second warning against engaging in fraudulent investment programs that offer astronomical returns and implausible incentives.
The SECP has repeatedly clarified that a company’s registration alone does not permit it to solicit public deposits or provide investment plans.
As plainly stated in the explanation of section 301 of the Companies Act, 2017, soliciting unauthorised deposits from the public and engaging in referral marketing, multi-level marketing, pyramid, and Ponzi schemes are illegal.
In light of the foregoing, the general public is cautioned in their own best interests not to invest their hard-earned money or participate in criminal schemes developed by this company and actively promoted through social media accounts and pages.
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In the meantime, a senior official of the SECP stated that these schemes have only been successful due to the public’s awareness of the financial stability of the companies selling them, but when these schemes collapse, the victims turn to various government organizations to reclaim their money.
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