Islamabad, May 24 – The Securities and Exchange Commission of Pakistan (SECP) issued a fraud alert on Wednesday, cautioning the general public to refrain from investing in fraudulent investment schemes that make false promises of substantial profits and unrealistic incentives.
The SECP has been consistently emphasizing that the mere registration of a company does not grant it the authority to solicit deposits from the public or offer investment schemes. Despite this clarification, the SECP has identified a company named “Alliance in Motion Global (Private) Limited” engaging in unlawful business activities through various enticing packages related to multi-level marketing (MLM).
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This conduct is in direct violation of the clauses outlined in the company’s memorandum of association. The company’s board of directors consists of Raymond Asperin, Eduardo Cabantog, and Ahmad Muhammad.
Engaging in unauthorized collection of deposits from the general public and participating in referral marketing, MLM, pyramid, and Ponzi schemes are unlawful activities, as defined in Section 301 of the Companies Act, 2017.
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The SECP strongly advises the public against investing in any of the illegal investment schemes promoted by the aforementioned company. It is crucial to exercise caution and ensure that investments are made through legitimate channels. The SECP recommends investing in banks, National Saving Schemes, the stock market, insurance companies, or Non-Banking Financial Companies (NBFCs) that possess valid licenses issued by the SECP.
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By issuing this fraud alert, the SECP aims to protect investors from falling victim to fraudulent schemes and maintain the integrity of the financial market in Pakistan. The Commission urges individuals to remain vigilant, conduct thorough research, and seek professional advice before making any investment decisions.
In case of any suspected fraudulent activities or investment scams, the SECP encourages the public to report such incidents promptly to the relevant authorities for necessary action.
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