SECP Warns Public About Meilleuretech Services’ Illegal Investment Scheme

Web DeskOctober 8, 20235013 min
SECP Warns Public About Meilleuretech Services' Illegal Investment Scheme

The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to the general public regarding fraudulent investment schemes offered by Meilleuretech Services, a sole proprietorship concern owned by Zeeshan Munir.

According to SECP, Meilleuretech Services is suspected of illegally accepting deposits from the public through various “advertisement watching packages” and making unrealistic promises of daily and weekly returns. It’s important to note that Meilleuretech Services does not possess the necessary license to collect deposits from the public.

Also Read: SECP’s Ongoing Crackdown on Illegal Loan Apps

Numerous complaints have been filed with the SECP, alleging that individuals who deposited funds with Meilleuretech Services did not receive the promised packages. Instead, they were encouraged to recruit more individuals or deposit additional funds to receive their earnings. In response to these activities, the SECP has taken several legal actions against Zeeshan Munir and his entities.

These actions include the deregistration and winding-up of Meilleuretech Services (SMC-Private) Limited, disqualification of Zeeshan Munir from holding positions as chief executive and director in any company, and the imposition of penalties. Furthermore, the SECP is referring the matter to relevant investigation authorities for further scrutiny.

To protect the public from falling victim to these fraudulent schemes, the SECP has added the name of Meilleuretech Services (SMC-Private) Limited to the “List of Companies engaged in Unauthorized Activities,” which is available on the SECP’s official website. As a result, the SECP strongly advises against depositing or investing funds with Meilleuretech Services, Meilleuretech Services (SMC Private) Limited, or Zeeshan Munir in any form or arrangement, as these entities are not authorized to accept deposits or investments from individuals.

 

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