Daily The Business

Public warned against investing in fake investing entity

Fine Sarmayakari Company has been trying to trap innocent people to
invest in fake schemes: SECP

790

M Jahangir Hayat

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.

It has come 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 Ponzi/investment schemes. The SECP would like to clarify that
this company is not registered with the SECP and that raising
unauthorized deposits from the public by offering multi-level
marketing (MLM), pyramid and Ponzi schemes, directly or indirectly,
are unlawful/unauthorized business activities.

The SECP would like to warn 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.

Earlier, it has come to the knowledge of the Securities and Exchange
Commission of Pakistan (SECP) that in the name of Reliable Estate an
anonymous person is engaged in unauthorized and dubious activities. He
is trying to collect deposits from the public by offering various
Ponzi schemes. On his website a fake company registration certificate
purportedly issued by the SECP entitled “Reliable Estate (Pvt.)
Limited has been displayed, i.e. http://reliablestate.co. The SECP
would like to clarify that “Reliable Estate” is not registered with
the SECP and that raising unauthorized deposits from the public,
indulging in referral marketing, multi-level marketing (MLM), pyramid
and Ponzi schemes, directly or indirectly, are unlawful/unauthorized
business activities. The SECP would like to warn the public not to be
misled by such fraudulent activities and marketing schemes launched by
the entities/companies through advertising in the electronic and print
media, websites, emails and mobile text messages.

Similarly, it came to the knowledge of the SECP that in the name of
Reliable Estate an anonymous person is engaged in unauthorized and
dubious activities. He is trying to collect deposits from the public
by offering various Ponzi schemes. On his website a fake company
registration certificate purportedly issued by the SECP entitled
“Reliable Estate (Pvt.) Limited has been displayed, i.e.
http://reliablestate.co. The SECP would like to clarify that “Reliable
Estate” is not registered with the SECP and that raising unauthorized
deposits from the public, indulging in referral marketing, multi-level
marketing (MLM), pyramid and Ponzi schemes, directly or indirectly,
are unlawful/unauthorized business activities. The SECP would like to
warn the public not to be misled by such fraudulent activities and
marketing schemes launched by the entities/companies through
advertising in the electronic and print media, websites, emails and
mobile text messages.

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