ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has on Thursday identified illegal investment scheme being operated under the name of Summit 4X Trade and Summit AH Experts.
According to a press release issued by the SECP on Thursday, the sponsors namely Abdul Hai and Summar Abbas are targeting the residents of district Layyah through branch offices, telephone and WhatsApp.
They persuade the people to make investment, they are promising lucrative profits of up to 30 per cent. For deceptive purposes, Abdul Hai has registered a Summit AH Experts (SMC-Private) Limited with the SECP under the Companies Act. The purpose is to create an illusion of legitimacy by misusing its registration status to gain public trust.
The SECP has clarified that the company or unregistered entities are not authorized to accept deposits/ investments in any form or arrangement.
The SECP has warned the public not to invest or deposit funds with Summit 4X Trade/Summit AH Experts/ Summit AH Experts (SMC-Private) Limited or any similar illegal investment or deposit-taking platform.
The SECP has included the name of the company to the “List of Companies Engaged in Unauthorized Activities” on its official website. The SECP has also referred this matter to the relevant investigative authorities for further action against those involved in this illegal activity.
The SECP has urged general public to remain vigilant and verify the legitimacy of any investment opportunity through official channels before doing any transaction.
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