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.