SECP Warns The Public Against A Company’s Fake Schemes on Social MediaOctober 31, 2019
The Securities and Exchange Commission of Pakistan (SECP) has warned the public against investing in FS Links (SMC-Private) Limited, which has been trying to trap innocent people through fake schemes on social media.
SECP has discovered that M/s FS Links (SMC-Private) Limited is involved in unlawful activities of raising unauthorized deposits from the public by offering hefty profits. M/s FS Links is a Single Member Company and does not have any authorization/license to solicit investments or deposits from the public. The act of deposit-taking is prohibited, contrary to the company’s object clauses.
The commission has already initiated legal proceedings against the sole director of M/s FS Links, Faisal Hayat, with a CNIC number of 38101-78604-637 for unauthorized deposit-taking. SECP has initiated winding-up proceedings against the company in terms of Section 304, read with Section 301 of the Companies Act 2017.
SECP has also authorized initiating legal proceedings against the director Faisal Hayat under Section 172 of the Act for his disqualification.
The public is hereby cautioned and advised not to be misled by such schemes, which are offering hefty profits and incentives. This warning is being issued to safeguard the interests of all stakeholders who are presently dealing with the M/s FS Links.
Moreover, SECP has clarified earlier that mere registration of any company with it, does not necessarily mean that these companies are allowed to accept deposits.
Source: Pro Pakistani