ISLAMABAD, Pakistan: The Securities and Exchange Commission of Pakistan (SECP) has issued a warning advising the general public against investing in fraudulent investment schemes of ISMMART Group.
The SECP has noticed that an entity, namely ‘Ismmart Group’, owned by the Shaukat Ullah Khan, is prima facie raising deposits from the public by promising them unrealistic monthly returns.
“It is clarified that the said entity does not hold any license to collect deposits from the public,” the SECP said.
It is pertinent to mention here that the SECP had imposed penalties on Mr. Shaukat Ullah Khan for marketing such illegal investment schemes through companies of Shaukat Marwat Group.
In addition, he has been disqualified from becoming Chief Executive or Director of any Company in Pakistan, and matter has been referred to the National Accountability Bureau (NAB), which has already initiated an inquiry against Shaukat Ullah Khan and his Companies.
Since Mr. Shaukat Ullah Khan is not eligible to form a Company, he has registered 12 new Companies through his family members and other associates. Further, in order to give the public, the impression that Ismmart Group is a large business group with a global presence, he has also registered a number of 1-pound Companies with Companies House UK.
The names of Companies of Ismmart Group have been added to the list of Companies engaged in unauthorized activities, available in SECP’s website. The SECP has also initiated investigation proceedings against Companies of Ismmart Group; however, Mr. Shaukat Ullah Khan has challenged the investigation proceedings in the Islamabad High Court (IHC), which has restrained the SECP from passing the final investigation order.
“The SECP warns the public not to deposit / invest funds with Shaukat Ullah Khan and Companies of Ismmart Group in whatsoever form and or arrangement, as they are not allowed to accept deposits /investments from anyone,” the Commission noted.