SECP warns public against investing in fraudulent schemes

The Securities and Exchange Commission of Pakistan (SECP) has advised the general public against investing in fraudulent investment schemes of Meilleuretech Services, a sole proprietorship concern, ARY News reported on Sunday.

The SECP has noticed that the entity, owned by Zeeshan Munir, is prima facie accepting deposits from the public illegally by offering various illegal “advertisement watching packages” and promising unrealistic daily and weekly returns.

It is clarified that the said entity does not hold any license to collect deposits from the public.

The SECP has also received multiple complaints that the individuals, after depositing funds with Meilleuretech Services, did not receive any packages but were asked to arrange for more individuals to buy packages or deposit further funds to get their earnings.

The SECP has initiated legal proceedings against Mr Munir and his entities, which include deregistering/winding up Meilleuretech Services, disqualifying Mr Munir from becoming chief executive and director of any company and imposing penalties. The commission has referred the matter to the Federal Investigation Agency (FIA).

The name of Meilleuretech Services has been added to the list of companies engaged in unauthorised activities available on the SECP’s website, with the waning, and the list of entities that have been declared prohibited for taking deposits/investments from individuals and groups.