SECP issues fraud alert

The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to the public about investing in fraudulent schemes that promise unrealistic profits and incentives. The commission clarified that registration of a company does not give it the authority to solicit deposits or offer investment schemes to the public.

SECP has identified a company called “Alliance in Motion Global (Private) Limited” that is inviting the public to invest in its unlawful business activities involving multi-level marketing (MLM), which is in violation of the memorandum of association.

The directors of the company, namely Raymond Asperin, Eduardo Cabantog, and Ahmad Muhammad, are involved in unauthorized deposits from the public, as well as referral marketing, MLM, pyramid, and Ponzi schemes, which are all illegal under Section 301 of the Companies Act, 2017.

The SECP has cautioned and advised the public to refrain from investing in such schemes offered by this company and to report any suspicious activity to the commission.