The Securities and Exchange Commission of Pakistan (SECP) has issued a warning advising the general public against investing in fraudulent investment schemes of ISMMART Group.
In a press statement issued on Monday, SECP said it has noticed that an entity, namely “ISMMART Group”, owned by Shaukat Ullah Khan, is prima facie raising deposits from the public by promising them unrealistic monthly returns. SECP said that the said entity does not hold any license to collect deposits from the public.
SECP also mentioned that it had imposed penalties on Shaukat Ullah Khan for marketing such illegal investment schemes through companies of the Shaukat Marwat Group.
In addition, he has been disqualified from becoming a chief executive or director of any company in Pakistan, and the matter has been referred to the National Accountability Bureau (NAB), which has already initiated an inquiry against Khan and his companies.
SECP pointed out that since Khan is not eligible to form a company, he has registered 12 new companies through his family members and other associates.
Further, in order to give the public, the impression that ISMMART Group is a large business group with a global presence, he has also registered a number of 1-pound companies with Companies House UK.
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Despite these warnings, no doubt there will be people who will succumb to their greed and put their money in this scheme.
Do you have any idea about this scheme?
Have you taken into account to probe and investigate before posting your comment?
No legal business can assure a monthly return of PKR 40K against an investment of 250K,
Furthermore, it is very easy to do a a little pre-investment profiling of such fraudulent companies, some available avenues of information being the SECP search, FBR inquiry, nature of business registered and whether any license is available with the company for collecting public funds.
Haven’t heard yet. Thank you for the allert
I am not sure on what basis SECP has warned the public against this company though this warning should be helpful for the future investors.
Some time back, a certain Mr. X (belonging to a so-called powerful organization) and his family had dozens of companies registered in their names. After the news leaked in the press, nothing was heard about their fate. SECP should have revealed the truth about this story, which it did not.
I wish CDA and RDA too had warned the public about illegal housing societies before they start selling the plots to the people. They warn the people when societies have fully developed and people start constructing houses and living there.
There are many other ways of fraudulent and people really suffered from such scheme, if you really think to warn public and safe them from loss you must help people who had already suffered from such scheme and those who had done this to public are roaming freely.
So kindly highlights those who did wrong with the people and don’t throw baseless allegations on ISMART gp.
No one have any proof that ismmart group is a fraud if have please share on my
Number 0324-4592567
Its just a game to degrade the company
Because some business man don’t want that
This company will grow
they are giving double amount in 4 months whereas they dont have any such kind of business which could generate this much amount. they have couple of online stores which i am sure cannot generate the profit more then Emirates airline. i am sure those stores are just for face saving.
False allegations. They just wanna get bribed.
I don’t understand why all r saying that this company is fraud I am a investor of this company since last 2 years nd I received monthly return on time