The Securities and Exchange Commission of Pakistan (SECP) has warned that Innovative Crowd Funding Project appearing on Facebook, is not registered and further clarified that crowd funding is not allowed in Pakistan.
A statement issued by SECP said that it has come to the notice of the Securities and Exchange Commission of Pakistan (SECP) that a page with the title of “Innovative Crowd Funding Project Private Limited Pakistan” is appearing on Facebook, explaining the concept, history and other details of crowd funding. As per the website, innovativecrowdfunding.com, it seems that the company is involved in raising funds through crowd funding.
“In this regard, the SECP would like to clarify that no company with the name of “Innovative Crowd Funding Project Pakistan” is registered with it. It is further clarified that crowd funding is not allowed in Pakistan and no company can raise funds through this scheme,” claimed the statement.
In view of the abovementioned information, the public is hereby warned not to be misled by fraudulent activities, investments/deposit schemes launched by certain non-corporate entities or individuals through advertising in the electronic and print media, websites, emails, and mobile text messages, concluded the statement.
