The Securities and Exchange Commission of Pakistan (SECP) has uncovered an illegal deposit-taking and investment scheme under the names Summit 4X Trade and Summit AH Experts. The scheme targeted residents of District Layyah through branch offices, WhatsApp, and phone calls.

The SECP states that sponsors Abdul Hai and Summer Abbas lured investors with promises of up to 30% profits. This created an illusion of legitimacy. To deceive further, Abdul Hai registered Summit AH Experts (SMC-Private) Limited with the SECP under the Companies Act, 2017. However, the SECP clarified that the registration only confirms incorporation and does not authorize deposit-taking or investment activities.

Public Advised

The SECP has issued a strong warning to the public, advising against depositing funds or investing in Summit 4X Trade, Summit AH Experts, or any similar unauthorized entities. The commission emphasized that these companies are not licensed to collect deposits or operate investment platforms.

The SECP urged the public to be cautious and verify the legitimacy of any investment opportunity. It stressed the importance of checking with official SECP channels before making any financial commitments.

Action Taken Against Fraudulent Operators

The SECP has added Summit AH Experts (SMC-Private) Limited to its “List of Companies Engaged in Unauthorized Activities” on its official website. The case has been referred to relevant investigative authorities for further action against those involved in the fraudulent scheme.

The SECP reiterated that a company’s Certificate of Incorporation only validates its registration with the commission. It does not grant permission for deposit-taking or investment activities. The commission remains committed to taking swift action against fraudulent schemes and protecting the public from such scams.

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