The Securities and Exchange Commission of Pakistan (SECP), on Thursday, warned the general public to be careful and not to be misled by any schemes, investment plans, and programs being offered by the M/s (SMC-Private) Limited through electronic or print media, website, emails, and mobile text messages.
A press release issued by the commission said that it has noticed that M/s Galaxy Typing Jobs Limited was involved in illegal business activities of taking unauthorized deposits from the public by launching different investment programs through its website and offering incentives and hefty profits.
The company was fraudulently claiming through its website that it has been approved by the SECP.
The SECP clarified that mere registration of a company with the SECP does not mean that the companies involved in such activities are doing legitimate business or allowed to collect deposits, read the press release.
The SECP has already clarified through public warning and number of press releases that no such approval was granted to the company for taking deposits from the public or any activity akin to the same.
All such schemes raising unauthorized deposits from the public are unlawful in Pakistan and the SECP has initiated legal action against the company.
Image via Marketing Insider