The Securities and Exchange Commission of Pakistan (SECP) on Friday issued a public warning to protect the public from illegal activities being carried out by various companies and advised the general public to refrain from investing in employment schemes.
According to the report, the corporate sector regulator said that a company called La Ville de Paris Housing Scheme Limited was inviting the public to purchase the La Paris Registration Certificate so that they could own the residential and commercial property to be launched by the company in the future.
The company is also offering lucky cash prizes with a minimum guaranteed per-rate certificate and eligibility for profitable cash prizes through lottery.
The Securities and Exchange Commission of Pakistan said that the general public is informed that investment opportunities under which any future return/benefit, opportunity or lottery or any other conditional submission or partnership assurance, is an illegal activity and there is complete provision for the closure of such company under Section 301 of the Companies Act 2017.
The commission added that inviting the public to invest in any refund offer is a limited business activity and only special companies approved by the Securities and Exchange Commission of Pakistan or the State Bank of Pakistan can offer it.
The above company has clearly stated in its memorandum association that it will not be involved in any lottery business or any limited or illegal business.
The Securities and Exchange Commission of Pakistan (SEC) said it was reviewing the activities of the company, adding that it was deemed appropriate to mislead them about the potential of the company’s registration status. Be careful with usage.
The Securities and Exchange Commission of Pakistan (SEC) said that another company called ‘All Pakistan Projects’ was offering profitable investment packages through its website. The commission informed the public that ‘All Pakistan Projects’ Not registered with SECP.
The Securities and Exchange Commission of Pakistan (SEC) said that it has been noted that some of the persons whose names appear on the website of the said institution are directors/members in the following registered companies that include APP Projects and Real Estate (Pvt) Ltd., AITS Traders (SMC Pvt) Ltd., APP Restaurants & Cafes (Pvt) Ltd., APP Riders (Pvt) Ltd., APP P Shopping Mall (Pvt) Ltd.
The SECP insisted that even a registered company could not invite or accept deposits from the public.