Karachi, November 29, 2024 – IGI Holdings Limited has informed the Pakistan Stock Exchange (PSX) about unauthorized and fraudulent activities involving its subsidiary, IGI Finex Securities Limited. The company disclosed that fake social media platforms and WhatsApp groups are impersonating its subsidiary, misleading the public under the guise of investment discussions.
In an official communication, IGI Holdings stated, “Unauthorized individuals have created fake and misleading platforms, including a WhatsApp group titled ‘G45 IGIL Securities Discussion,’ impersonating IGI Finex Securities Limited. We categorically clarify that these groups are not affiliated with or endorsed by IGI Finex Securities Limited, its associated companies, or IGI Holdings Limited.” The company confirmed that legal action has been initiated to address the unauthorized use of its name and to prevent further fraudulent activities.
Additionally, a fraudulent mobile application named “IGIL” has been published on the Google Play Store, falsely claiming to represent IGI Finex Securities Limited. The company stated that this app is unauthorized and urged the public to avoid downloading or engaging with it. To raise awareness, IGI Finex Securities Limited has published a public notice on its official website, highlighting the issue and advising caution.
IGI Holdings emphasized the importance of verifying the authenticity of any social media platforms, WhatsApp groups, or accounts claiming an association with IGI Finex Securities Limited. Investors and the general public are advised to confirm any communications directly with the company by contacting IGI Finex Securities Limited at 021-111-444-001 before making any investment or monetary decisions.
The company reaffirmed its commitment to safeguarding the interests of its stakeholders and ensuring transparency in all matters. IGI Holdings assured that any significant updates would be disclosed in accordance with legal and regulatory requirements.
This incident highlights the increasing prevalence of cyber fraud targeting financial institutions and their clients. IGI Holdings’ swift response aims to mitigate risks and reinforce trust among its stakeholders.
