ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the general public against falling prey to fraudulent financial schemes.
The SECP on Wednesday said it had been issuing such warnings to raise awareness among the general public regarding typologies of potentially fraudulent activities.
The commission said that these activities were perpetrated by companies as well as entities or individuals posing as legitimate incorporated persons.
Based on information available on social media and complaints and queries received recently, the SECP observed that some typical business models were being used to lure the public. These include mobile and web-based apps promising lucrative profits and bonuses on deposits and investments.
The fraudulent promoters seek deposits in the name of making investments on your behalf in different products and promise lucrative returns like investments in Surface Mount LED (SMD) screens, trading of different products, forex and cryptos.
The general public is lured to give advances for some fees or down payment for the provision of loans or assets on lease at easy instalments and at low markup.
“The general public is once again, cautioned that the Certificate of Incorporation of a company is the only evidence of its registration as a corporate entity,” the SECP asserted.
Published in Dawn, June 1st, 2023
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