ISLAMABAD – Securities and Exchange Commission shared a new advisory, cautioning masses about MAG Ventures over illegal fundraising activities as another investment fraud surfaced online.
The high-stakes investment scam masquerading as a halal business venture prompted action from SECP as a man identified as Syed Mohsin Sultan Shah is behind “MAG Ventures,” which has been luring masses with guaranteed monthly profits of up to 12percent, all under false pretense of secure agreements.
Using Facebook, X and other social platforms, the scheme promised lucrative partnerships in halal meat exports to the Gulf, complete with post-dated cheques, stamp paper contracts, and so-called Islamic legitimacy.
Shah and his accomplices reportedly offers investments ranging from Rs1Lac to jaw-dropping Rs1Crore, targeting middle-class citizens and small investors across the country.
MAG Ventures claims to expand into real estate, automotive trading, fashion, Apple product retail, and even a headquarters in UAE. None of the componies registed by Shah including MAG Ventures (SMC-Pvt) Ltd, MAG Organic Meats, and MAG Builders & Developers were authorized to collect deposits or offer investment products.
Authorties officially blacklisted MAG Ventures and all associated companies, adding them to its List of Companies Engaged in unauthorized activities, and referred the case to relevant law enforcement agencies for a full-scale probe.
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