SECP Urges Public to Be Cautious of Investment Scams

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the public about another unlawful deposit/investment scheme being run by an unincorporated business called RAMPERS.

The public is being misled by Anees Bukhari and Shabbir Ahmed, who are sponsoring the scheme and are painting RAMPERS as a massive and diverse company. Food, clothing, cosmetics, real estate, water plant services, baby nappies, and tea brands are just a few of the many products and services that the group claims to offer. Sponsors are aggressively marketing deposit/investment plans that ask for donations of Rs100,000 to Rs10 million or more, tempting the public to put their money in. Potential investors are being enticed by claims of unreal and ridiculously high profits of up to 25% per month.

Six Front Companies Masking Illicit Activities

To bolster their fraudulent tactics, the sponsors established six companies under the Companies Act, 2017, to give the impression that the group’s activities are legitimate. To hide the illicit character of their investment scheme, these companies are being utilized as a front.

• Alag Garments (Private) Limited
• Elite Dealer (Private) Limited
• Moldavite Cosmetics (Private) Limited
• Pani lelo (Private) Limited
• Relish Products (Private) Limited
• Sipz Tea (Private) Limited

RAMPERS has no proper authorization to accept deposits or investments and is not registered with SECP. In addition, none of the six RAMPERS-affiliated businesses registered under the Companies Act, 2017, can collect deposits or run investment schemes.

The SECP’s website now has a “List of Companies Engaged in Unauthorized Activities” that includes RAMPERS and affiliated companies. Furthermore, SECP has forwarded this case to the appropriate investigating authorities so that individuals responsible for unlawful deposit-taking and investing operations might face additional penalties.

The public should be aware that the “Certificate of Incorporation” merely attests to a company’s SECP registration; it does not grant the company the authority to solicit deposits or initiate investment schemes. Stay alert and use the SECP’s established channels to confirm the legitimacy of any investment opportunity.