The Securities and Exchange Commission of Pakistan (SECP) said that it has identified a prima facie fraudulent investment and deposit-taking scheme being aggressively promoted by Syed Mohsin Sultan Shah under the name “MAG Ventures” through various social media platforms.
The scheme lures the public with offers of business partnerships in meat exports to Gulf countries, promising guaranteed halal monthly profits ranging from 5% to 12%, allegedly supported by a fatwa. Investment packages range from Rs100,000 to Rs10 million, with investors being assured security through stamp paper agreements and post-dated cheques, the SECP said in a press release.
The scheme also claims plans to expand into multiple sectors, including real estate development, supermarkets, automotive trading, cafés, fashion and beauty, Apple product retail, and global operations with a headquarters in Dubai.
To create an illusion of legitimacy, Syed Mohsin Sultan Shah has incorporated a company under the Companies Act, 2017 with a similar name, MAG Ventures (SMC-Private) Limited, in the trading sector, along with two other companies: MAG Organic Meats (SMC-Private) Limited and MAG Builders & Developers (SMC-Private) Limited. However, funds are being collected through the bank account of an unincorporated entity, “Galaxy Traders,” and cryptocurrency wallets.
The SECP strongly warned the general public not to invest or deposit funds with MAG Ventures, Galaxy Traders, MAG Ventures (SMC-Private) Limited, MAG Organic Meats (SMC-Private) Limited, MAG Builders & Developers (SMC-Private) Limited, or any other associated entity, as these entities are not authorized to collect deposits or offer investment schemes under any arrangement.
The names of these companies have been included in the SECP’s List of Companies Engaged in Unauthorized Activities, available on the official SECP website. The matter has also been referred to relevant investigation authorities for further action.
The general public is reminded that a Certificate of Incorporation merely signifies the registration of a company and does not authorize it to raise deposits or launch investment schemes. Investors are urged to verify the legitimacy of any investment offer through the SECP’s official channels before investing.
