SECP shutting down two shady firms

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is shutting down two companies on account of their proven engagement in shady operations, a statement said on Monday.

“The SECP has launched legal proceedings to wind up M/s Gold Transmit Network Technology (Pvt) Limited and M/s Green Apple Super Market (Pvt) Limited in terms of section 301, read with section 304 of the Companies Act, 2017,” the corporate watchdog said.

“The companies have been found involved in unauthorised business activities and (were) running Ponzi schemes in Pakistan to deprive the unsuspecting public, which fell prey to the incentives and hefty profits offered by them, of their hard-earned money.”

The SECP said raising unauthorised deposits from the public, indulging in referral marketing, multilevel marketing (MLM), pyramid and Ponzi schemes, locally or internationally, directly or indirectly were unlawful business activities.

“The masses are warned not to be misled by fraudulent activities, Ponzi/pyramid/multilevel marketing schemes launched by the companies.”