The Securities and Exchange Commission of Pakistan (SECP) issued a public alert on an illegal deposit-taking and investment scheme operating under the names Summit 4X Trade and Summit AH Experts, warning the public not to invest or deposit funds with these entities or with Summit AH Experts (SMC-Private) Limited. SECP identified the scheme’s sponsors as Abdul Hai and Summer Abbas, who are mainly targeting residents of district Layyah through branch offices, WhatsApp and calls, and promising profits of up to 30%. It noted that Abdul Hai registered Summit AH Experts (SMC-Private) Limited under the Companies Act, 2017 to create an impression of legitimacy, while clarifying that incorporation only confirms registration and does not authorize raising deposits or launching investment schemes. The company has been added to SECP’s List of Companies Engaged in Unauthorized Activities, and the matter has been referred to relevant investigative authorities for further action.
Securites & Exchange Commission of Pakistan 2025-01-09
Securities and Exchange Commission of Pakistan warns public against Summit 4X Trade and Summit AH Experts illegal deposit-taking scheme
The Securities and Exchange Commission of Pakistan (SECP) issued a public alert against Summit 4X Trade and Summit AH Experts for illegal deposit-taking and investment schemes. SECP identified Abdul Hai and Summer Abbas as sponsors targeting Layyah residents, promising profits up to 30%. Summit AH Experts (SMC-Private) Limited is listed for unauthorized activities, and the case is referred to investigative authorities.