ISLAMABAD: The Securities and Exchange Commission (SECP) has initiated legal proceedings against Anees Ahmad Enterprises (SMC-Private) Limited, the company registered with the SECP, and its director for imposition of penalties, closure of the company and disqualification of its director from holding office of director of any company for five years, official sources told Business Recorder.

SECP has also written a letter to Federal Investigation Agency (FIA) to initiate an investigation against the AA Enterprises.

In an advertisement, SECP has cautioned the general public not to deposit or invest funds with M/s Aneeed Ahmed Enterprises (SMC-private) Limited, AA Enterprises & Investment and AA Enterprises under any arrangement.

According to SECP, the company was offering various fraudulent deposit/ investment schemes to the public by promising unrealistic monthly returns.

According to reports, over 1000 people have invested millions of rupees in the fraudulent schemes. The CEO of the company and his accomplices have disappeared from the scene whereas affectees are protesting against them.

SECP maintains that AA Enterprises/ AA Enterprises & Investments, being unincorporated entities, do not fall within the regulatory domain of the SECP. Therefore, they were referred to the relevant investigation agency.

Copyright Business Recorder, 2023