ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the public about illegal deposit-taking and investment schemes.
SECP uncovered the fraudulent investment scheme operating under the Summit 4X Trade and Summit AH Experts.
According to the SECP press release issued today, the scheme’s sponsors, Abdul Hai, and Summer Abbas, were targeting residents of district Layyah.
The sponsors of both schemes contact people using branch offices, WhatsApp, and phone calls and entice them to invest by promising attractive returns of up to 30%.
For their fraudulent activities, Mr Abdul Hai registered a company named Summit AH Experts (SMC-Private) Limited with the SECP under the Companies Act, 2017.
This registration is being misused to create an illusion of legitimacy and gain public trust.
The SECP statement said that “neither the company nor any unregistered entities are authorized to accept deposits or investments in any form or arrangement.”
SECP strongly warned the general public against investment with Summit 4X Trade, Summit AH Experts, Summit AH Experts (SMC-Private) Limited, or any other similar unauthorized investment or deposit-taking platforms.
SECP has included the company in the “List of Companies Engaged in Unauthorized Activities” available on its official website.
In addition, SECP has referred this matter to the relevant investigative authorities for further action against those involved in this illegal activity.
