ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the public against investing in a fake entity, Fine Sarmayakari Company, which has been trying to trap innocent people through social media to invest in fake schemes.
According to a circular issued by the commission on Wednesday, it came to the SECP’s knowledge that in the name of Fine Sarmayakari Company, an anonymous person is engaged in unauthorized and dubious activities by placing advertisements in different newspapers. The person is trying to collect deposits from the public by offering various investment schemes.
The SECP clarified that this company is not registered with the commission and that raising unauthorized deposits from the public by offering multi-level marketing (MLM), pyramid and Ponzi schemes, directly or indirectly, are unlawful business activities.
The SECP warned the public not to be misled by such fraudulent activities and Ponzi schemes launched by the entities/companies through advertising in the electronic and print media, websites, emails and mobile text messages.