SECP issues a warning against a fraudulent investment scheme

ISLAMABAD: A sole proprietorship company named Meilleure tech Services has been warned by Pakistan’s Securities and Exchange Commission (SECP) not to participate in its fraudulent investment schemes.

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According to a news release on Saturday, the SECP has observed that the organization, which is owned by Zeeshan Munir, is presumptively receiving deposits from the public illegally by selling various illegal “advertisement watching packages” and making inflated daily and weekly returns.

“It is clarified that the said entity does not hold any license to collect deposits from the public,” it read.

The SECP has also received numerous complaints alleging that after making deposits with Meilleure tech Services, the individuals never received any packages and instead were instructed to find more buyers of packages or make additional deposits in order to obtain their revenues.

As part of the legal actions the SECP has taken against Mr. Munir and his enterprises, Meilleure tech Services has been deregistered or wound down, and Mr. Munir has been barred from holding the positions of chief executive officer and director at any other companies. The Federal Investigation Agency (FIA) has been notified of the situation by the commission.

The list of businesses engaging in illegal operations that can be found on the SECP website has been updated to include Meilleure tech Services, along with a list of organizations that have been declared barred from accepting deposits or investments from both individuals and groups.