SECP warns of ‘All Pakistan Projects’ fraudulent schemes

Aftab Ahmed

The Securities and Exchange Commission (SECP) has warned about fraudulent schemes of entity ‘All Pakistan Projects’

In case of All Pakistan Projects”, SECP has noted that the entity is offering lucrative investment packages through its website (https://allpakistanprojects.com/).This also includes APP Shopping Mall.

It has informed that the entity has no registration with the SECP. However, it has been noted that few individuals, whose names are appearing on the website of the entity, are directors/members of the following registered companies.

APP Projects and Real Estate (Private) Limited,

AITS Traders (SMC-Private) Limited,

APP Restaurants & Cafe (Private) Limited,

APP Riders (Private) Limited;

In order to promote the protection of investors and the public interest, SECP regularly issues warnings and alerts, guiding the general public to refrain from investing in fraudulent investment schemes that promise hefty profits and unrealistic returns.

As clearly covered in Section 84 of the Companies Act, 2017, inviting and accepting deposits from the public is a prohibited activity, and can only be offered by specialized companies duly authorized by the SECP or SBP.

Meanwhile, in view of various complaints and queries received by the SECP concerning an entity “All Pakistan Projects”, it has emerged that the entity is offering lucrative investment packages through its website (https://allpakistanprojects.com/).

As previously clarified, SECP has further said that mere registration of a company with the SECP does not necessarily mean that these companies can invite or accept deposits from the public for investment in All Pakistan Projects.

Investors have been pocketing multibillion rupees in Pakistan in such schemes like All Pakistan Projects. They offer lucrative rate of return to lure the masses to invest in different projects. However, their schemes are fraudulent in which people lose their savings to make more money.

SECP has been warning about such fraudulent schemes. But investors continue fleecing the money from the people. Officials say that SECP should refer such cases to the investigation agencies to recover the looted money.