{"id":61949,"date":"2025-01-09T18:03:39","date_gmt":"2025-01-09T13:03:39","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=61949"},"modified":"2025-01-09T18:03:39","modified_gmt":"2025-01-09T13:03:39","slug":"secp-warns-against-fraudulent-summit-4x-trade-summit-ah-experts","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/secp-warns-against-fraudulent-summit-4x-trade-summit-ah-experts\/","title":{"rendered":"SECP warns against fraudulent Summit 4X Trade, Summit AH Experts"},"content":{"rendered":"<p>ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the public about illegal deposit-taking and <a href=\"https:\/\/dailyausaf.com\/en\/business\/secp-register-over-3000-new-companies-in-november-2024\/\">investment schemes<\/a>.<\/p>\n<p>SECP uncovered the fraudulent investment scheme operating under the Summit 4X Trade and Summit AH Experts.<\/p>\n<p>According to the SECP press release issued today, the scheme&#8217;s sponsors, Abdul Hai, and Summer Abbas, were targeting residents of district Layyah.<\/p>\n<p>The sponsors of both schemes contact people using branch offices, WhatsApp, and phone calls and entice them\u00a0to invest by promising attractive returns of up to 30%.<\/p>\n<p>For their\u00a0fraudulent activities, Mr Abdul Hai registered a company named Summit AH Experts (SMC-Private) Limited with the SECP under the Companies Act, 2017.<\/p>\n<p>This registration is being misused to create an illusion of legitimacy and gain public trust.<\/p>\n<p>The SECP statement said that &#8220;neither the company nor any unregistered entities are authorized to accept deposits or investments in any form or arrangement.&#8221;<\/p>\n<p>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.<\/p>\n<p>SECP has included the company in the &#8220;List of Companies Engaged in Unauthorized Activities&#8221; available on its official website.<\/p>\n<p>In addition, SECP has referred this matter to the relevant investigative authorities for further action against those involved in this illegal activity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s sponsors, Abdul Hai, and Summer Abbas, were targeting residents of [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":58717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[3216,1417],"class_list":["post-61949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-secp","tag-securities-and-exchange-commission-of-pakistan"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/61949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=61949"}],"version-history":[{"count":2,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/61949\/revisions"}],"predecessor-version":[{"id":61954,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/61949\/revisions\/61954"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/58717"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=61949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=61949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=61949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}