Islamabad, May 25, 2023 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) on Wednesday warned the general public against investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives. The Commission has been constantly clarifying that mere registration of a company, does not authorize it to solicit deposits from the general public or offer investment schemes.
The SECP has noticed that a company, namely "Alliance in Motion Global (Private) Limited," is offering various packages to attract the public to its unlawful business activities of multi-level marketing (MLM), in violation of clauses of the memorandum of association. The directors of the company include Raymond Asperin, Eduardo Cabantog, and Ahmad Muhammad.
Raising un-authorized deposits from the general public and indulging in referral marketing, MLM, pyramid, and ponzi schemes are unlawful activities in terms of the explanation of Section 301 of the Companies Act, 2017. The general public is hereby cautioned and advised not to invest in any such illegal investment schemes offered by the aforementioned company. Remember to always make investments in banks, National Saving Schemes, the stock market, insurance companies, or NBFC companies with valid licenses from SECP.
For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)