SECP Caution Masses Against Fake Investment Companies

There is an excess of companies that are authorized but working errantly for the purpose they have been registered for

A number of fake investment companies have sprung up across the country to fleece naive people and draining their pockets as the abundance of unregistered firms has forced Security and Exchange Commission Pakistan (SECP) to caution people.

Meanwhile, there is an excess of companies that are authorized but working errantly for the purpose they have been registered for.

SECP’s warning

SECP has issued a caution to the investors to refrain from investing in fake companies that offer lucrative outcomes on investment.

The people have been warned by the commission to invest only in companies registered in its books and hold relevant licenses.

It added that the registration with SECP doesn’t necessarily mean that a firm can pool funds in the name of investment.

The commission said in its warning that authorized companies with SECP such as Lasani Oil Traders (Private) Limited and New Lassani Chicks & Chicken (Private) Limited are engaged in dubious activities too.

Both entities convince investors to inject money in the poultry and oil sectors for hefty profits in returns.

SECP has also initiated action against both companies for violating the SECP Companies Act.

Action against B4U

SECP also received a plethora of complaints against B4U Company which is involved in pooling funds illegally.

The commission has clarified that B4U was unregistered while its activities were illegal too.

SECP has launched a stern action against the dubious firm.

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The public has been warned not to risk their valuable assets by falling prey to such lucrative schemes.

The caution is being issued by the SECP to protect the interest of all stakeholders and the public.

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