ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has imposed fines totaling Rs4 billion on B4U Group.
According to details, SECP has concluded adjudication proceedings against B4U Group and its sponsors for raising illegal deposits from the public and operating pyramid schemes, in violation of the Companies Act, 2017.
The B4U Group comprises 18 companies incorporated under the Act, as well as five unincorporated business setups. All the 18 companies were registered during the last two years. The main sponsor of B4U Group is Saif-ur-Rehman, along with his immediate family members.
SECP, after completing the due process of law, has disqualified the sponsors of B4U Group from becoming a director of any company for a period of five years and has also imposed a penalty of Rs100 million on each of its sponsors.
Further, the sponsors shall not be allowed to incorporate any new company under the Act. In addition, SECP has granted sanction for winding up of all 18 companies of B4U Group and imposed a penalty of Rs200 million on each company.Â
SECP is fully committed to safeguarding the interest of the general public against prohibited business practices such as illegal deposit raising, Ponzi and pyramid schemes etc.
In addition to initiating enforcement actions, SECP has continuously been issuing necessary press releases, time and again, cautioning the general public not to invest in any such illegal and dubious investment plans, while taking strict enforcement action against companies and sponsors that violate their mandate.
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SECP also should compensate the effectees of gci company that was doing pyramid illegal business and indulged in looting the public whereas the owners and the main bodies of the company are living freely in lahore, Rana Amjad Shaheen and some at other cities again made companies like gci.
Nice Joke with the victims. A person who made billions of rupees via targeting the innocent peoples and just got fined about 4 billion.
This remembered me the double shah case.
I think it is huge froud of b4u.he is playing with the heart of innocent people.plz be noted
Scep stop the business of b4u its ok but the people how invsted what will be the future of that people .are the pak govt will return therir invested amount
TGN (Trading globel network) is also doing fraud like b4u.Secp should take notice of that company.
It is requested to SECP that the huge amount was collected from innocent people of pakistan and SECP should bind the b4u to refund the money to their members/investors immediately.
Benarkah apa yang berlaku di Pakistan…
Saya tidak boleh mempercayai nya dan was was… apakah bala ini?
No comment bro
Betul ke apa yang berlaku di Pakistan… saya tidak boleh mempercayai nya apa yang berlaku…
They group tell me and my friend thre is not doing wrong. I still belive as a muslim. If realy is scamming people all u guys will answer me or anyone else at Mashyar field.
I think govt should sponsor this company if this doing a good job and facilitate people
If B4U is fruady, then at least SECP must return innocent people’s investment. We don’t know how they earned the deposited money and what will be their future if they don’t get the money back. Please this about it