News & Views

SECP on the verge of taking legal actions against ‘Crypto-Currency Companies’

The Securities and Exchange Commission of Pakistan (SECP) has started legal proceedings to ban at least nine companies offering crypto-currencies and fraud schemes.

SECP has initiated legal proceedings under Section 301 read with Section 304 of the Companies Act, 2017.

Nine companies have been issued legal notices which are involved in business practices prohibited in Pakistan and opposite to their object clauses of the Memorandum of Association.

The commission has advised the general public not to get involved or to be misled by any schemes, deal, or plans offered by the following companies

  1. Gold Transmit Network Technology (Pvt.) Limited
  2. Green Apple Super Market (Pvt.) Limited
  3. Galaxy Typing Jobs (SMC-Pvt.) Limited
  4. 3-A Alliance (Private) Limited
  5. Pak Memon Impex (Private) Limited
  6. Memon Corporation (Pvt.) Limited
  7. Humanitas Meritus (SMC-Private) Limited
  8. IDG Enterprises (Private) Limited
  9. Ayat Enterprises (SMC-Private) Limited

The rest of the companies are dealing with crypto-currencies and offering fraud marketing services, pyramid schemes, and employment schemes in Pakistan.

SECP stated that these companies by offering heavy profits are luring people to invest in their businesses without them knowing that they are depriving them of their hard-end money.

Related posts

Pakistan extends suspension of int’l flight operations till May 31

admin

300 Boys Found In Brutal Conditions by Nigerian Authorities. Find More Here!

admin

Fahad Mustafa signed for Nabeel Qureshi’s Quaid-e-Azam Zindabad

admin