IGI Holdings warns against fraudulent activities misusing IGI Finex Securities name

IGI Holdings Limited (IGIHL), an investment holding company and part of the Packages Group, has informed its stakeholders of fraudulent activities involving unauthorized individuals misusing the name of its wholly-owned subsidiary, IGI Finex Securities Limited.

The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.

“With reference to the subject matter, we, IGI Holdings Limited being the holding company of IGI Finex Securities Limited, hereby notify that it has come to our attention that unauthorized individuals have created fake and misleading social media platforms/WhatsApp groups under the name ‘G45 IGIL Securities Discussion,’ impersonating IGI Finex Securities Limited,” read the notice.

“We would like to categorically state that these groups are not in affiliation with or endorsed by IGI Finex Securities Limited, its associated companies or its holding company - IGI Holdings Limited,” it added.

IGI Holdings to purchase stake in Packages Limited for Rs2.6bn

The company shared that it is “actively investigating this matter and has already initiated legal actions to address false usage of the name of IGI Finex Securities Limited”.

“Additionally, a fraudulent mobile application titled ‘IGIL’ has been published on Google Play Store, falsely representing IGI Finex Securities Limited,” it added.

IGI Holdings stated that the app is not authorized by IGI Finex Securities Limited, its associated companies or its holding company. IGI Finex Securities Limited has also notified of the fraudulent activity by publishing a Public Notice on its website.

“We intimate all investors and the general public to please verify the authenticity of any social media platforms/WhatsApp groups and/or accounts claiming association with IGI Finex Securities Limited, its associated companies or its holding company - IGI Holdings Limited before taking any investment and / or monetary decisions and to take necessary precautionary steps for identification of person(s)/company involved therein,” it added.

Established in 1953 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017), IGI Holdings Limited acts as an investment holding company and invests, acquires, sells and holds securities and financial instruments.