SECP warning on false investment scheme
The Securities and Exchange Commission of Pakistan (SECP) has issued a warning advising the general public against investing in fraudulent investment schemes of Meilleuretech Services, a sole proprietorship concern.
The SECP has noticed that the entity, owned by Zeeshan Munir, is prima facie accepting deposits from the public illegally by offering various illegal “advertisement watching packages” and promising unrealistic daily and weekly returns. It is clarified that the said entity does not hold any license to collect deposits from the public.
The SECP has also received multiple complaints that the individuals, after depositing funds with Meilleuretech Services, did not receive any packages but were asked to arrange for more individuals to buy packages or deposit further funds to get their earnings.
The SECP has initiated legal proceedings against Munir and his entities, disqualifying him from becoming chief executive and director of any company, and imposing penalties.
The SECP is also referring the matter to relevant investigation authorities. The name of Meilleuretech Services (SMC-Private) Limited has been added to the “List of Companies engaged in Unauthorised Activities” available on SECP’s website.
Published in The Express Tribune, October 9th, 2023.