SECP Issues Fraud Alert
Sumaira FH Published May 24, 2023 | 06:40 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 24th May, 2023 ) :The Securities and Exchange Commission of Pakistan (SECP) on Wednesday warned the general public against investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives.
The Commission has been constantly clarifying that mere registration of a company, does not authorize it to solicit deposits from the general public or offer investment schemes, said a press release issued here.
The SECP has noticed that a company, namely "Alliance in Motion Global (Private) Limited," is offering various packages to attract the public to its unlawful business activities of multi-level marketing (MLM), in violation of clauses of the memorandum of association.
The directors of the company include Raymond Asperin, Eduardo Cabantog, and Ahmad Muhammad.
Raising unauthorized deposits from the general public and indulging in referral marketing, MLM, pyramid, and ponzi schemes are unlawful activities in terms of the explanation of Section 301 of the Companies Act, 2017.
The general public is hereby cautioned and advised not to invest in any such illegal investment schemes offered by the aforementioned company.
Remember to always make investments in banks, National Saving Schemes, the stock market, insurance companies, or NBFC companies with valid licenses from SECP.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
More Stories From Business
-
Exchange rates for currency notes
1 hour ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
1 hour ago -
Foreign exchange rates
2 hours ago -
Today Gold Rate in Pakistan 19 April 2024
2 hours ago -
Oil jumps more than 3% on Middle East worries
2 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
3 hours ago
-
Pakistan's total liquid foreign reserves reach $ 13.37 billion
13 hours ago -
Stock markets rise as traders consider US rate outlook
14 hours ago -
Business community alarmed by alleged Cigarette tax violations
14 hours ago -
High FED on cigarettes demonstrates positive impact
14 hours ago -
PTCL posts 14 % revenue growth
14 hours ago -
Prudent policies, reforms poised to result in sustainable economic growth: Governor State Bank of Pa ..
15 hours ago