Islamabad: Govt. is tightening the rope against the Fraudulent people day by day, previously the authorities have taken many steps like Ban and Warnings to people on Investment in Illegal Housing Schemes, and now another step in the favour of masses, the Security and Exchange Commission of Pakistan (SECP) on Friday has issued a Warning To The General Public against investing their hard-earned money in fake companies which through their online marketing, misguide the public and snatch away their precious amount. The fake companies, as per SECP, include Xstate Technologies, Beacon Marketing, International Hospitality Investment Group, Dao Proptech, and Neo Cassa PVT Limited. According to the SECP, These companies do not have any approval of the SECP to perform functions under the sandbox regime of the commission and these fraudulent companies sell to the general public illegal schemes regarding fractionalization of real estate assets.
The statement of the commission came when it was noticed that some listed companies use their website and online platforms regarding Fractionalization Of Real Estate Assets and selling them to the general public. The SECP issues the List Of Illegal Companies and their platforms as Xstate (www.xstate.com), Beacon (beaconcrowd.com), International Hospitality (https://ihigfractions.com), Dao Proptech (https://daoproptech.com) and Neo Cassa (http://www.neocassa.com).
The SECP said, “While SECP has initiated legal action/adopted legal course against these entities for carrying unauthorized/illegal business activities, it is deemed appropriate to alert the public against possible misuse of registration status of the companies to mislead them,”. The commission further added, “The general public, in their best interest, is advised to refrain from investing their hard-earned money into any unauthorized schemes.” The regulatory authority further stated that under section 87(2) of the Secretariat Act 2015, no person can sell securities to the public without prior approval of the SECP and that the commission has authority to wind up these activities under section 301 of the Companies act 2017.
