SECP Starts Digging Into Ponzi Schemes

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated an inquiry into the affairs of registered companies that were accused for defrauding the general public by offering them investment opportunities in illegal schemes.
The SECP has taken the action on various complaints received against these companies for illegal deposit taking in the name of Modarabas. The articles of association of these corporate entities were not allowed them to deal in the Modaraba products.
These registered companies are Spadix Group of Companies (Pvt) Ltd, M/s Pak Tea Company (Pvt) Ltd and Spadix Pharmaceuticals (Pvt) Ltd of Spadix Group.
The SECP has recently received a letter from the State Bank of Pakistan (SBP), wherein it was reported that associated companies of M/s Spadix Group were involved in illegal deposit from general public in the name of Modarabat.
The names which NBP mentioned are Spadix Pharmaceutical Company, Goodman Pharmaceutical Company, Sanitory Works (Fayyazi Gujranwala Industries (Pvt) Ltd), Cable Works (Fayyazi Gujranwala Industries (Pvt) Ltd), AL-Hassan Autos (Pvt) Ltd and Marble Export. -Online