January 09, 2025 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has uncovered another illegal deposit-taking and investment scheme operating under the names Summit 4X Trade and Summit AH Experts.
The scheme's promoters, Abdul Hai and Summer Abbas, primarily target residents of district Layyah using branch offices, WhatsApp, and phone calls, according to the press release issued today.
They entice people to invest in Summit 4X Trade and Summit AH Experts by promising attractive returns of up to 30%.
To advance their fraudulent activities, Mr. Abdul Hai registered a company named Summit AH Experts (SMC-Private) Limited with the SECP under the Companies Act, 2017.
This registration is being misused to create an illusion of legitimacy and gain public trust.
The SECP emphasizes that neither the company nor any unregistered entities are authorized to accept deposits or investments in any form or arrangement.
SECP strongly warns the general public “NOT TO INVEST OR DEPOSIT FUNDS” with Summit 4X Trade, Summit AH Experts, Summit AH Experts (SMC-Private) Limited, or any other similar unauthorized investment or deposit-taking platforms.
SECP has included the company in the "List of Companies Engaged in Unauthorized Activities" available on its official website.
In addition, SECP has referred this matter to the relevant investigative authorities for further action against those involved in this illegal activity.
The public is reminded that a company’s “Certificate of Incorporation” merely confirms its registration with the SECP and does not grant authorization to collect deposits or initiate investment schemes.
The SECP urges individuals to remain vigilant and verify the legitimacy of any investment opportunity through its official channels.
