The Securities and Exchange Commission of Pakistan (SECP) has issued warning to the general public against investing in “All Pakistani Projects.”
In a statement released on Tuesday, Pakistan’s Financial and Corporate Watchdog said that warning has been issued in light of various complaints and inquiries received on “all Pakistani projects,”. The organization was found to offer too good to look lucrative investment packages through its website.
The general public is informed that all of Pakistan’s projects are not registered with the US Securities and Exchange Commission. However, it has been observed that a small number of persons whose names are listed on the organization’s website are directors / members of registered companies. including: APP Enterprises and Real Estate (Private) Limited; AITS Traders (SMC-Private) Limited; APP Riders (Private) Limited; APP Riders (Private) Limited; and APP Shopping Mall (Private) Limited.
As highlighted many times earlier by SECP, the mere fact of registering a company with the SECP does not necessarily mean that these companies can invite or accept deposits from the public, the commission said.
“In light of the above, the general public is advised, for its own benefit, to refrain from investing their hard earned savings in unauthorized schemes and to verify the legitimacy of any investment scheme before investing.”
The Securities and Exchange Commission of Pakistan said it regularly issues warnings to force the general public to refrain from investing in fraud investment Plans that promise huge and unrealistic returns. As clearly stated in Section 84 of the Companies Act 2017, inviting and accepting deposits from the public is a prohibited activity and can only be performed by specialized companies duly licensed by the SECP or the State Bank of Pakistan.
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