BusinessTech & Telecom

SECP Takes Hard Action Against Ponzi Scheme Companies

The Securities and Exchange Commission of Pakistan (SECP) has initiated legal action against 2 companies in Pakistan. The 2 companies are Gold Transmit Network Technology (Pvt) Limited and Green Apple Super Market (Pvt) Limited.

They have been found to be involved in illegal, fraudulent activities called Ponzi schemes. The SECP has taken legal action against them in terms of section 301 read with section 304 of the Companies Act, 2017.

ponzi Scheme

The two have been discovered engaging in Ponzi schemes aimed at cheating unsuspecting, hardworking citizens out of their money.

The SECP has clarified that engaging in such activities in illegal. This includes gathering unauthorized deposits from citizens, utilizing referral marketing, multi level marketing (MLM), or pyramid and Ponzi schemes.

Keeping all of the above in mind, they have cautioned the public not to be fooled by such tactics. These companies and businesses utilize advertisements placed in electronic and print media, websites, emails, mobile text messages etc.

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