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BEWARE
OF FRAUDULENT COMPANIES / NON-CORPORATE ENTITIES / INDIVIDUALS
The
general public is once again warned not to be misled be fraudulent
activities / schemes of deposits, loans, investments etc. launched
by certain companies / non-corporate entities / individuals through
advertisements (print and electronic media), agents, brochures,
websites, emails, and hoardings etc. The modus operandi of such
scheme is briefly explained below for benefit / information of the
general public:
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Employment Scams in which the job applicants are asked to pay
some amount on one pretext or another with job application.
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Scams in the form of Lottery Schemes, which attract people to
earn wealth overnight through wagering. They make billions and
give ads of people receiving prizes to attract more people. In
reality, the winners are just actors for the advertisement.
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Deposit Schemes in which the general public is promised
unusually high profit / mark-up. They give assurance of deposit
safely and guaranteed regular high profits. For some time they
pay profit regularly. Once they have accumulated enough deposits
they disappear.
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Loan Schemes in which they promise loans of huge amounts for any
purpose on easy terms. they ask borrowers to fill form, pay
certain fees and then keep telling them they have submitted
their case to a bank and will get it soon. In this way they get
lots of prospective borrowers to pay fees and make a lot of
money.
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Introducing Brokers of foreign brokerage houses, a type of
business not covered under local laws. These concerns offer
their services to clients in return for heavy fees. Most of the
clients lose all of their hard earned money without any legal
cover. They use bogus trading software to cheat their investors.
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Multi Level Marketing, Ponzi and Pyramid Schemes requiring new
customers to bring certain number of more members in geometric
progression. The process of membership reaches a stage of
saturation when the whole structure collapses and only a few
people at the top of the scheme make money. Some companies also
use this technique in the guise of sales strategy to sell
otherwise unmarketable products at exorbitant prices.
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Cheating through post, emails, phone calls, SMS by offering
unexpectedly exciting prizes, lucky draws and sweepstakes, and
false promotions. Such approaches are designed to trick the
innocent people to part with their money.
The general public is therefore, advised in their own interest
to be prudent while making any investment and to verify that the
entity they are dealing with is duly authorized / licensed by
the relevant authority to carry in its business. Appropriate
advice from independent legal or financial professionals
regarding the risks involved is advisable. The list of entities
licensed by State Bank of Pakistan (SBP) & Securities and
Exchange Commission of Pakistan (SECP) is available at their
respective websites.
For Further Clarification in respect of these entities, you may
contact SBP or the SECP at the following addresses:
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Jamal Abdul Nasir Daudpota
Junior Joint Director
Banking Policy & Regulation Department, State Bank of Pakistan,
I.I Chundrigar Road, Karachi
Email jamal.daudpota@sbp.org.pk
Tel# 021-32453532 - Fax # 021-99212506
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Muhammad Siddique
Director (CL)
Securities & Exchange Commission of Pakistan, NIC Building, 63,
Jinnah Avenue, Islamabad
Email: muhammad.siddique@secp.gov.pk
Tel # 051-9210205 - Fax # 051-9207863 |
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