ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) hasinitiated legal proceedings to wind up at least nine companies dealing incryptocurrencies and offering Ponzi/MLM, referral marketing, pyramidbusiness/schemes.The SECP has advised public not to be misled by any schemes/deals/plansbeing offered by these companies: Gold Transmit Network Technology (Pvt.)Limited, Green Apple Super Market (Pvt.) Limited, Galaxy Typing Jobs(SMC-Pvt.) Limited, 3-A Alliance (Private) Limited, Pak Memon Impex(Private) Limited, Memon Corporation (Pvt.) Limited, Humanitas Meritus(SMC-Private) Limited, IDG Enterprises (Private) Limited and AyatEnterprises (Smc-Private) Limited.The SECP has already initiated legal proceedings against these companiesfor winding up in terms of section 301 read with section 304 of theCompanies Act, 2017.The SECP has issued notices to some companies involved in businesses, whichare prohibited and contrary to their object clauses of the Memorandum ofAssociation.
These companies were found involved in unlawful activities such ascollecting unauthorized deposits from the public, leasing of cars, houses,electronic alliances and other goods and materials without lawfulauthority.Some of them are dealing in cryptocurrencies and offering Ponzi/Multi LevelMarketing (MLM), referral marketing, pyramid schemes, employment schemes inPakistan.Such schemes, offering hefty profits and incentives can deprive theunsuspecting public of their hard-earned money who fall prey to theinducements.It is further clarified that a mere registration of a company with SECPdoes not mean that it can get involved in unauthorized and unlawfulactivities.
