Action Against Companies Being Involved in Ponzi Scheme



The Securities and Exchange Commission of Pakistan (SECP) has started taking legal action against two companies including Gold Transmit Network Technology (Pvt) Limited and Green Apple Super Market (Pvt) Limited in terms of section 301 read with section 304 of Companies Act, 2017.

It is reported that these two companies are found involved in some illegal and unauthorized activities and they were offering Ponzi business / schemes in Pakistan and they deprive of the unsuspecting public of their money. Action Against Companies Being Involved in Ponzi Scheme.

The SECP has issued the statement and they clarified that the raising unauthorized deposits from the public and they were involved in the multi level marketing (MLM), referral marketing, pyramid and Ponzi schemes locally or internationally, directly or indirectly, which are the unlawful business activities.

Considering the above mentioned activities, SECP warned the people not to mislead others by the fraudulent activities and market their schemes, which are launched by the companies through the advertisement in the print and electronic media, emails, websites and the mobile phone messages etc.

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