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
- Gold Transmit Network Technology (Pvt.) Limited
- Green Apple Super Market (Pvt.) Limited
- Galaxy Typing Jobs (SMC-Pvt.) Limited
- 3-A Alliance (Private) Limited
- Pak Memon Impex (Private) Limited
- Memon Corporation (Pvt.) Limited
- Humanitas Meritus (SMC-Private) Limited
- IDG Enterprises (Private) Limited
- 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.