ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the general public against investing in ‘All Pakistan Projects’.
In a statement on Tuesday, the SECP said that in view of various complaints and queries received about ‘All Pakistan Projects’, it has emerged that the entity is offering lucrative investment packages through its website.
“The general public is being informed that All Pakistan Projects is not registered with the SECP. However, it has been noted that a few individuals, whose names are appearing on the website of the entity, are directors/members of the registered companies including: APP Projects and Real Estate (Private) Limited; AITS Traders (SMC-Private) Limited; APP Restaurants & Cafe (Private) Limited; APP Riders (Private) Limited; and APP Shopping Mall (Private) Limited.”
As previously clarified, mere registration of a company with the SECP does not necessarily mean that these companies can invite or accept deposits from the public, the commission maintained.
“In view of the above, the general public is advised in their own interest, to refrain from investing their hard-earned savings in unauthorised schemes and verify the legitimacy of any investment scheme before investing.”
The SECP said that it regularly issues warnings and alerts to guide 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 specialised companies duly authorised by the SECP or State Bank of Pakistan.