SECP warns public about fraudulent companies

News Image

By MG News | July 11, 2019 at 06:48 PM GMT+05:00

0:00

July 11, 2019: The Securities and Exchange Commission of Pakistan (SECP) has announced in an announcement that mere registration of a company with the SECP does not mean that the companies involved in fraudulent activities are doing legitimate business or allowed to collect deposits.

The Commission noticed M/s. Galaxy Typing Jobs (SMC-Private) Limited’s involvement in illegal business activities of taking unauthorized deposits from the public by launching different investment programs through its website and offering incentives and hefty profits.

In a notification that followed this realization, SECP stated that, “the company is fraudulently claiming through its website that it has been approved by the SECP. The SECP has already clarified through public warning and number of press releases that no such approval was granted to the company for taking deposits from the public or any activity akin to the same.”

All such schemes raising unauthorized deposits from the public are unlawful in Pakistan and the SECP has initiated legal action against the company.

Following this, the Commission warned the public once again to be careful and not to be misled by any schemes, investment plans and programs being offered by the aforesaid company through electronic or print media, website, emails, and mobile text messages.

Related News

Name Price/Vol %Chg/NChg
KSE100 133,403.19
324.46M
0.02%
33.04
ALLSHR 83,188.05
1,204.34M
0.13%
106.90
KSE30 40,651.46
104.88M
-0.13%
-53.85
KMI30 192,083.92
123.92M
-0.26%
-496.76
KMIALLSHR 55,847.70
679.22M
0.02%
11.98
BKTi 36,422.88
17.65M
0.29%
105.71
OGTi 28,437.61
10.77M
-0.37%
-105.35
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,760.00 109,545.00
108,725.00
-455.00
-0.42%
BRENT CRUDE 70.02 70.05
69.85
-0.13
-0.19%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.05
2.15%
ROTTERDAM COAL MONTHLY 106.65 106.65
106.25
0.50
0.47%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.18 68.19
67.78
-0.15
-0.22%
SUGAR #11 WORLD 16.15 16.37
16.10
-0.13
-0.80%

Chart of the Day


Latest News
July 09, 2025 at 06:34 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 08, 2025 at 11:29 PM GMT+05:00

PIA bidders shortlisted, Roosevelt JV gets green light


July 08, 2025 at 05:29 PM GMT+05:00

Money Link Exchange shuts down operations


July 08, 2025 at 04:41 PM GMT+05:00

Gold price in Pakistan rises Rs1,500 per tola



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg