SECP warns public against fake entity

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the public against making investment in a fake entity, “Fine Sarmayakari Company”, which has been trying to trap innocent people through social media, a statement said on Wednesday.

It has come to the commission’s knowledge that in the name of Fine Sarmayakari Company, an anonymous person is engaged in unauthorised and dubious activities by placing advertisements in different newspapers.

The person is trying to collect deposits from the public by offering various Ponzi/investment schemes, it added.

“The SECP would like to clarify that this company is not registered with it and that raising unauthorised deposits from the public by offering multilevel marketing (MLM), pyramid and Ponzi schemes, directly or indirectly, are unlawful / unauthorised business activities,” the statement said.

The SECP would like to warn the public not to be misled by such fraudulent activities and Ponzi schemes launched by the entities / companies through advertising in the electronic and print media, websites, emails and mobile text messages.