Beware of fraudulent financial activities: SECP reminds

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MG News | May 31, 2023 at 03:38 PM GMT+05:00

May 31, 2023 (MLN): In order to enable the general public and avoid falling prey to deceptive practices, the Securities and Exchange Commission of Pakistan (SECP), from time to time, issues public warnings, the statement issued by the commission on Wednesday noted. 

It is observed that the typical business models are being used to lure the public including Mobile/web-based apps, seeking deposits in the name of making investments on your behalf in different products and promising lucrative returns like investments in Surface Mount LED (SMD) screens, trading of different products/forex/cryptos. 

In addition, taking advances in the name of fees/down payment for the provision of loans or assets on lease/easy installments at low markup and receiving funds for online jobs packages. 

The general public is, once again, cautioned that the Certificate of Incorporation of a company is only evidence of its registration as a corporate entity.

Deposit-taking/leasing/financing is only permissible to companies that have obtained a license (different from an incorporation certificate) to that effect.

Any person dealing with a company is recommended to self-check the status of that company on SECP’s website or by raising a query with SECP.

A list of companies suspected to be involved in unauthorized businesses is placed on SECP website and is updated from time to time.

It is noticed that ill-willed actors devise new models to interact with and deceive the public. 

Copyright Mettis Link News

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