ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has identified an illegal investment scheme operated by Summit 4X Trade and Summit AH Experts.
Abdul Hai and Summer Abbas, the scheme’s sponsors, are targeting Layyah district residents through branch offices, WhatsApp, and phone calls, offering attractive returns of up to 30% to lure investors.
To create a facade of legitimacy, Abdul Hai registered Summit AH Experts (SMC-Private) Limited with the SECP under the Companies Act, 2017. However, the SECP clarified that neither this company nor any unregistered entities are authorized to accept deposits or offer investment schemes.
In response, the SECP has:
- Added Summit AH Experts (SMC-Private) Limited to its “List of Companies Engaged in Unauthorized Activities.”
- Referred the case to investigative authorities for legal action against those involved.
The SECP strongly advises the public against investing in Summit 4X Trade, Summit AH Experts, or similar unauthorized platforms. A spokesperson reminded the public that a company’s “Certificate of Incorporation” only verifies its registration with the SECP and does not permit it to raise deposits or launch investment schemes.
The SECP urges people to verify any investment opportunity through official channels to avoid scams./
