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Ismmart group scam: SECP cautions against investment

SECP announces amendments to regulations on substantial acquisition of voting shares
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September 25, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has issued a stern warning to the public against investing in fraudulent investment schemes of ISMMART Group, as per a press release issued today.

The SECP has raised concerns about an entity, "Ismmart Group," owned by Shaukat Ullah Khan, which is allegedly enticing the public by promising them unrealistic monthly returns.

It is crucial to clarify that this entity does not hold any license to collect deposits from the public.

To note, SECP previously imposed penalties on Shaukat Ullah Khan for marketing such illegal investment schemes through companies of the Shaukat Marwat Group.

In addition, he has been disqualified from becoming a chief executive or director of any company in Pakistan, and the matter has been referred to the National Accountability Bureau (NAB), which has already initiated an inquiry against Shaukat Ullah Khan and his companies.

Since Shaukat Ullah Khan is not eligible to form a company, he has registered 12 new companies through his family members and other associates.

Further, in order to give the public, the impression that Issmart Group is a large business group with a global presence, he has also registered a number of 1-pound companies with Companies House UK.

The names of companies of Ismmart Group have been added to the list of companies engaged in unauthorized activities, available on SECP’s website.

SECP has also initiated investigation proceedings against the companies of Ismmart Group.

However, Shaukat Ullah Khan has challenged the investigation proceedings in the Honorable Islamabad High Court, which has restrained SECP from passing the final investigation order.

SECP warns the public not to deposit or invest funds with Shaukat Ullah Khan and companies of Ismmart Group in whatsoever form and or arrangement, as they are not allowed to accept deposits/ investments from anyone.

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Posted on: 2023-09-25T16:54:01+05:00