SECP publishes list of fraudulent companies seeking investment

The Securities and Exchange Commission of Pakistan (SECP) has published a list of companies who are fraudulently calling for investment.

These companies are claiming to be registered with the SECP and FBR but are not. They are offering unauthorized business activities of leasing/financing, MLM, pyramid/Ponzi schemes, various fake posts and are also seeking deposits from the general public in the name of jobs, investment and trading.

The Commission has cautioned people from investing in these companies. It has initiated legal proceedings against several companies:

• BH Online Jobs Services (SMC-Pvt) Limited
• IDG Enterprises (Pvt) Limited (Islamic Dubai Group)
• Pakistani Edification Services (SMC-Pvt) Limited
• 3A Alliance (Pvt) Limited
• Galaxy Typing Jobs (SMC-Pvt) Limited
• Black Diamond Goat Farm (Pvt) Limited
• Memon Corporation (Pvt) Limited
• Best Day Innovative Solutions(Pvt) Limited
• Corporate Automobiles (Pvt) Limited
• Pak Memon Impex (Pvt) Limited
• Montviro (Pvt) Limited
• M/S Neamat Ullaha & Amjad Javed and Company (Pvt) Limited
• Ayat Enterprises (SMC-Pvt) Limited
• FS Links (SMC-Pvt) Limited
• Brand Testing Servicing Pakistan (Pvt) Limited
• Induction and Assessment Initiative (Pvt) Limited
• Fragrance Land (SMC-Pvt) Limited
• Humanitas Meritus (SMC-Pvt) Limited
• Direct Testing Services (Pvt) Limited
• Gold Transmit Network Technology (Pvt) Limited
• Green Apple Super Market (Pvt) Limited
• Tianshi International Pakistan Co (Pvt) Limited
• DXN International Pakistan (Pvt) Limited

The SECP also listed companies it frequently receives complaints and queries against for their unauthorized activities.

• Global Testing Services (Pvt) Limited
• Online Mass Solutions (Pvt) Limited
• Go Big Trade (Pvt) Limited
• Memon Merchandise Limtied
• Btech Online Work (SMC-Pvt) Limited
• A&F Online Jobs Services (Pvt) Limited
• Get by Adds (Pvt) Limited
• Viewadvertise Marketing (SMC-Pvt) Limited
• Speed Bikes (Pvt) Limited
• Global Ads & Marketing (Pvt) Limited
• Global Sky Trade (Pvt) Limited
• View Ads (Pvt) Limited
• HR Butt & Sons (Pvt) Limited
• First Vehicle (Pvt) Limited
• Hope Alliance Trading (SMC-Pvt) Limited
• Lasani Oil Traders (Pvt) Limited
• New Lassani Chicks and Chicken (Pvt) Limited
• Paradise Alliance (Pvt) Limited
• Memon International Management (Pvt) Limited
• MGI Impex (Pvt) Limited
• MNM Motorcycle (Pvt) Limited
• Sambrosons Enterprises (SMC-Pvt) Limited
• MM Qureshi International (Pvt) Limited
• Paradise Merchant (Pvt) Limited
• Alliance in Motion Global (Pvt) Limited
• British Lyceum (Pvt) Limited
• B4u Group

It said that being registered with the SECP does not authorize it to seek deposits from the general public.