ISLAMABAD-The Securities and Exchange Commission of Pakistan (SECP) has issued a warning advising the general public against investing in fraudulent investment schemes of Ismmart Group. The SECP has noticed that an entity, namely “Ismmart Group”, owned by Shaukat Ullah Khan, is prima facie raising deposits from the public by promising them unrealistic monthly returns. It is clarified that the said entity does not hold any licence to collect deposits from the public.
It is pertinent to mention here that SECP had imposed penalties on Shaukat Ullah Khan for marketing such illegal investment schemes through companies of Shaukat Marwat Group. In addition, he has been disqualified from becoming chief executive or director of any company in Pakistan, and matter has been referred to the National Accountability Bureau (NAB), which has already initiated an inquiry against Shaukat Ullah Khan and his companies.
Since Shaukat Ullah Khan is not eligible to form a company, he has registered 12 new companies through his family members and other associates. Further, in order to give the public, the impression that Issmart Group is a large business group with a global presence, he has also registered a number of 1-pound companies with Companies House UK. The website and social media accounts of the companies of Ismmart Group are as follows:
The names of companies of Ismmart Group have been added to the list of companies engaged in unauthorised activities, available on SECP’s website. SECP has also initiated investigation proceedings against companies of Ismmart Group; however, Shaukat Ullah Khan has challenged the investigation proceedings in the Hon’ble Islamabad High Court, which has restrained SECP from passing the final investigation order.