ISLAMABAD: Securities and Exchange Commission (SECP) has warned general public about crowd funding and asked not to be misled by fraudulent activities of investment or deposit schemes launched by certain non-corporate entities.
The SECP in a statement said that a page with the title of “Innovative Crowd Funding Project Pvt-Ltd Pakistan” is appearing on Facebook, explaining the concept, history and other details of crowd funding. As per the website (innovativecrowdfunding.com), it seems that the company is involved in raising funds through crowd funding.
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In this regard, the SECP would like to clarify that no company with the name of “Innovative Crowd Funding Project Pvt-Ltd Pakistan” is registered with it. It is further clarified that crowd funding is not allowed in Pakistan and no company can raise funds through this scheme.
In view of the above, the public is hereby warned not to be misled by fraudulent activities, investments/deposit schemes launched by certain non-corporate entities or individuals through advertising in the electronic and print media, websites, emails, mobile text messages etc.
