{"id":12633,"date":"2021-10-29T21:02:33","date_gmt":"2021-10-29T21:02:33","guid":{"rendered":"https:\/\/pakistanintheworld.pk\/live\/?p=12633"},"modified":"2021-10-29T21:02:33","modified_gmt":"2021-10-29T21:02:33","slug":"international-business-solutions-private-limited-barwaqt-app-unlawfully-raising-deposits-public-warned-by-secp","status":"publish","type":"post","link":"https:\/\/pakistanintheworld.pk\/live\/international-business-solutions-private-limited-barwaqt-app-unlawfully-raising-deposits-public-warned-by-secp\/","title":{"rendered":"&#8220;International Business Solutions (Private) Limited&#8221; -\u201cBarwaqt\u201d App Unlawfully Raising Deposits &#8211; Public Warned by SECP"},"content":{"rendered":"<h3><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-12634\" src=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2021\/10\/fraud-secp.jpg\" alt=\"\" width=\"500\" height=\"390\" srcset=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2021\/10\/fraud-secp.jpg 500w, https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2021\/10\/fraud-secp-300x234.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Islamabad; Commerce Reporter &#8211; The Securities and Exchange Commission of Pakistan (SECP) has once again warned the general public against investing in ponzi and pyramid schemes, multi-level marketing (MLM) and other online schemes, that promise high rates of return.<\/h3>\n<h3>The SECP has noticed that a company namely \u201cInternational Business Solutions (Private) Limited\u201d is prima facie raising illegal deposits from the public by offering profits thereon. SECP clarified that the said company does not hold any license to collect deposits from the public.<\/h3>\n<h3>Similarly, an online application namely \u201cBarwaqt\u201d, is also found involved in offering financing facilities to the general public. To support its illegal activity, the mobile App is purported to be licensed by the SECP. It is\u00a0 neither registered nor licensed by the SECP.<\/h3>\n<h3>In view of the foregoing, the public at large is expressly advised to refrain from dealing\/investing in these entities.<\/h3>\n<h3>The SECP has initiated legal actions against these entities. Here it is worth noting that\u00a0 mere registration of a company does not authorize it to raise deposits from the public.\u00a0 Raising un-authorized deposits from the general public, indulging in referral marketing, MLM, Pyramid and Ponzi Schemes are unlawful activities in terms of section 301 of the Companies Act, 2017.<\/h3>\n<h3>The SECP has made public a list of companies involved in un-authorized business activities such as illegal collection of deposits from investors by making false promises of exceptionally hefty returns.<\/h3>\n<h3>The list of such companies is posted on the SECP official website and can be viewed at the following link: https:\/\/www.secp.gov.pk\/document\/copy-of-list-of-companies-indulged-in-unauthorized-activities\/?wpdmdl=43543&amp;refresh=6177e98ca3c4f1635248524<\/h3>\n<h3>Complaints or evidence against companies involved in unauthorized activities and illegal deposit taking can be sent at email ID scams@secp.gov.pk.<\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad; Commerce Reporter &#8211; The Securities and Exchange Commission of Pakistan (SECP) has once again warned the general public against investing in ponzi and pyramid schemes, multi-level marketing (MLM) and other online schemes, that promise high rates of return. The SECP has noticed that a company namely \u201cInternational Business Solutions (Private) Limited\u201d is prima facie [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,91],"tags":[1854,1855,448,472,48,1585],"_links":{"self":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/12633"}],"collection":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/comments?post=12633"}],"version-history":[{"count":1,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/12633\/revisions"}],"predecessor-version":[{"id":12635,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/12633\/revisions\/12635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media\/12634"}],"wp:attachment":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media?parent=12633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/categories?post=12633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/tags?post=12633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}