Staff Reporter Islamabad
The Securities and Exchange Commission (SECP), to promote protection of investors and the public interest, regularly issues warnings and alerts, guiding the general public to refrain from investing in fraudulent investment schemes that promise hefty profits and unrealistic returns.
As clearly covered in Section 84 of the Companies Act, 2017, inviting and accepting deposits from the public is a prohibited activity, and can only be offered by specialized companies duly authorized by the SECP or SBP.
In view of various complaints and queries received by the SECP concerning an entity “All Pakistan Projects”, it has emerged that the entity is offering lucrative investment packages through its website (https://allpakistanprojects.com/).
The general public is being informed that “All Pakistan Projects” is not registered with the SECP.
However, it has been noted that few individuals, whose names are appearing on the website of the entity, are directors/members in the following registered companies; APP Projects and Real Estate (Private) Limited, AITS Traders (SMC-Private) Limited, APP Restaurants & Cafe (Private) Limited, APP Riders (Private) Limited; APP Shopping Mall (Private) Limited.
As previously clarified, mere registration of a company with the SECP does not necessary mean that these companies can invite or accept deposits from the public.
In view of above, the general public is advised in their own interest, to refrain from investing their hard-earned savings in unauthorized schemes and verify the legitimacy of any investment scheme before investing.
List of other entities/companies involved in similar unauthorized schemes is available on SECP’s website.
