SECP warns of fake schemes

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Saturday warned the public against investing in fraudulent schemes with unrealistic incentives and promises of profits.

The SECP said it had observed that a company, namely “M/s Anees Ahmed Enterprises (SMC-Private) Limited and AA Enterprises & Investments,” was offering various fraudulent deposit/investment schemes to the public by promising them unrealistic monthly returns through social media and digital platforms.

The company was using its registration status with SECP to win public confidence, the SECP said in a statement.

“The general public is once again informed that the ‘Certificate of Incorporation’ of a company merely confirms its registration with SECP and does not allow the company to raise deposits or launch investment schemes,” the statement said. The SECP warned the public not to deposit or invest funds with the company and its entities, as they were not allowed to accept deposits/investments from anyone.

The SECP said it had initiated proceedings against the company and its owner, Anees Ahmed, which included closing down their operations, disqualifying Anees Ahmed, imposing penalties, and referring the matter to relevant investigation authorities.