The Securities and Exchange Commission of Pakistan (SECP) has uncovered an illegal deposit-taking and investment scheme operating under the names Summit 4X Trade and Summit AH Experts, targeting residents of District Layyah through branch offices, WhatsApp, and phone calls.
According to the SECP, the scheme’s sponsors, Abdul Hai and Summer Abbas, lure investors with promises of lucrative profits of up to 30%. To create an illusion of legitimacy, Abdul Hai registered a company under the name Summit AH Experts (SMC-Private) Limited with the SECP under the Companies Act, 2017. The SECP clarified that the registration only confirms incorporation and does not authorise the company to accept deposits or launch investment schemes.
The SECP has strongly advised the public against depositing funds or investing with Summit 4X Trade, Summit AH Experts, or any similar unauthorised entities. It emphasised that these entities are not licensed to collect deposits or operate investment platforms.
The commission has added Summit AH Experts (SMC-Private) Limited to its “List of Companies Engaged in Unauthorized Activities” on the SECP’s official website. The case has also been referred to relevant investigative authorities for further action against those involved in the fraudulent scheme.
The SECP reiterated that a company’s Certificate of Incorporation merely validates its registration and does not grant permission for deposit-taking or investment activities. It urged the public to verify the legitimacy of any investment opportunity through official SECP channels to avoid financial losses.
