SECP Identifies Illegal Investment Scheme: Summit 4X Trade and Summit AH Experts

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Jan 9, 2025 - 20:28

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SECP Identifies Illegal Investment Scheme: Summit 4X Trade and Summit AH Experts

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has uncovered another illegal deposit-taking and investment scheme operating under the names of Summit 4X Trade and Summit AH Experts. According to the SECP, the scheme’s sponsors, Abdul Hai and Summer Abbas, are primarily targeting residents of Layyah district through branch offices, WhatsApp, and phone calls. The scheme promises lucrative returns of up to 30% to lure unsuspecting individuals into making investments. To enhance the scheme's credibility, Abdul Hai registered a company, Summit AH Experts (SMC-Private) Limited, with the SECP under the Companies Act, 2017. This registration has been misused to create an illusion of legitimacy and gain public trust. The SECP, however, clarified that the company, or any unregistered entities, are not authorized to accept deposits or investments in any form or arrangement. In response to the scheme’s operations, the SECP has:

Added Summit AH Experts (SMC-Private) Limited to its official "List of Companies Engaged in Unauthorized Activities."
Referred the matter to relevant investigative authorities for further legal action against those involved.

The SECP has strongly warned the general public against investing or depositing funds with Summit 4X Trade, Summit AH Experts, or any similar illegal platforms. A spokesperson for the SECP emphasized, “The general public is reminded that a company’s ‘Certificate of Incorporation’ only confirms its registration with the SECP. It does not authorize the company to raise deposits or launch investment schemes.” The SECP urges individuals to remain vigilant and verify the legitimacy of any investment opportunity through its official channels to avoid falling victim to fraudulent schemes. Source: Business Recorder