In a bid to halt the illegal and fraudulent activities, the Securities and Exchange Commission of Pakistan (SECP) has taken initial steps to start legal action against nine companies offering unauthorized deposits and leasing of cars.
The SECP has already issued notices to a few companies which are found involved in this business which is unlawful. At the same time, legal proceedings have also been initiated against these companies for fraudulent activities, under Section 301 read with Section 304 of the Companies Act, 2017. As many as nine companies are offering cryptocurrencies and Ponzi schemes which are prohibited in the object clauses of the Memorandum of Association. Furthermore, the Securities and Exchange Commission of Pakistan (SECP) has also warned the general public to stay aware and not fall victim to any such sort of schemes offered by the companies listed below:
- Gold Transmit Network Technology (Pvt.) Limited
- Galaxy Typing Jobs (SMC-Pvt.) Limited
- Green Apple Super Market (Pvt.) Limited
- Humanitas Meritus (SMC-Pvt.) Limited
- Alliance (Pvt.) Limited
- Pak Memon Impex (Pvt.) Limited
- Memon Corporation (Pvt.) Limited
- Ayat Enterprises (SMC-Pvt.) Limited
- IDG Enterprises (Pvt.) Limited
After a thorough investigation, the above-mentioned nine companies are found involved in several unlawful aspects such as collecting unauthorized deposits from the general public on the back of hefty profits. Moreover, these fraudulent identities have been offering attractive and undeniable leasing packages for cars, houses, electronic equipment and several other essential goods of everyday life. A few among them also deal in cryptocurrencies, making loads of profits from the public. A number of unlawful multi-level marketing schemes including referral marketing, employment, and pyramid schemes are also been found under their belt.
The Memorandum of Association doesn’t allow such businesses to operate. The general public has been falling victim to these offerings that apparently look like generating a lot of profits and incentives in their favor. But, the reality is different altogether as it deprives the people of their hard-earned money through these fraud schemes. According to the observations of SECP, a good number of people have fallen prey to the tactics adopted by these companies. Eventually, it’s the general public that suffers while these companies make hefty profits.
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