ISLAMABAD: In a recent development, the Securities and Exchange Commission of Pakistan (SECP) has raised a red flag against Meilleuretech Services, a sole proprietorship concern owned by Zeeshan Munir. The regulatory body issued a stern warning to the public, cautioning them against investing in the fraudulent schemes offered by this entity.
The SECP’s investigation revealed that Meilleuretech Services was illicitly accepting deposits from the public under the guise of “advertisement watching packages.” These packages, promising unrealistically high daily and weekly returns, lured unsuspecting investors. However, the entity, notably, did not possess any license to collect deposits from the public, making its operations illegal from the start.
Numerous complaints poured in, alleging that individuals who had invested with Meilleuretech Services did not receive the promised packages. Instead, they were coerced into recruiting more investors or depositing additional funds to claim their earnings. This deceptive modus operandi raised concerns among the investors and led them to report the fraudulent activities to the SECP.
Taking swift action, the SECP initiated legal proceedings against Zeeshan Munir and his entities. The regulatory body’s actions include the deregistration and winding up of Meilleuretech Services (SMC-Private) Limited, disqualifying Zeeshan Munir from holding the position of chief executive and director in any company, and imposing substantial penalties.
Furthermore, the SECP has referred the matter to the Federal Investigation Agency (FIA) for a thorough investigation. Meilleuretech Services (SMC-Private) Limited now finds its name on the “List of Companies engaged in Unauthorised Activities,” accessible on the SECP’s website. This list serves as a comprehensive warning to the public, highlighting entities that are prohibited from accepting deposits or investments from individuals and groups.
The SECP, in its relentless pursuit of protecting investors and maintaining the integrity of the financial market, urges the public to exercise caution and conduct due diligence before investing in any scheme. As the regulatory body continues its efforts to eradicate fraudulent activities, it remains vigilant against unscrupulous entities, ensuring a secure investment environment for all.
