The Securities and Exchange Commission of Pakistan (SECP) has issued a stern warning to the public regarding fraudulent investment schemes operated by Meilleuretech Services, a sole proprietorship owned by Zeeshan Munir.
The SECP has observed that this entity is engaged in the illegal collection of deposits from the public through deceptive “advertisement watching packages” that promise unrealistic daily and weekly returns. Importantly, Meilleuretech Services lacks the necessary license to collect deposits from the public, and its activities are unauthorized.
Numerous complaints have been lodged with the SECP, indicating that individuals who deposited funds with Meilleuretech Services did not receive the promised packages. Instead, they were pressured to recruit more individuals or deposit additional funds to access their earnings.
In response to these illicit activities, the SECP has initiated legal proceedings against Zeeshan Munir and his associated entities. These actions include the potential deregistration or winding-up of Meilleuretech Services, disqualification of Mr. Munir from holding executive and directorial positions in any company, and the imposition of penalties.
Furthermore, the SECP has referred the matter to the Federal Investigation Agency (FIA) for further investigation and action. Meilleuretech Services has been added to the SECP’s list of companies involved in unauthorized activities, which can be accessed on the commission’s website. This public warning aims to alert individuals and groups to exercise caution and avoid engaging with Meilleure Tech Services or similar entities that engage in unlicensed and fraudulent investment schemes.
The SECP’s swift action and public warning serve as a critical reminder for individuals to conduct thorough due diligence before investing in any financial scheme. Such vigilance can help protect them from falling victim to fraudulent and unauthorized investment opportunities. This proactive approach by regulatory authorities underscores their commitment to maintaining the integrity of Pakistan’s financial markets and safeguarding the interests of investors.