SECP, law enforcing, probing bodies to combat business scam

Islamabad: In order to chalk out a comprehensive strategy to combat business fraud a meeting of a special committee comprising of representatives of the Securities and Exchange Commission of Pakistan, Financial Monitoring Unit, State Bank of Pakistan, National Accountability Bureau, Federal Investigation Agency and police will be held today Tuesday at the SECP head office.

The committee will focus on preventing illegal business activities, including Ponzi and pyramid schemes, carried out by companies and unregistered entities.

The committee has been formed to achieve synergy to prevent fraudulent business activities that cheat the public. It will share information to identify and prevent business scams.

The participants will consider developing a national antifraud strategy and institutionalizing the coordination mechanism by setting up an all encompassing antifraud body in the country.

The committee will identify various areas of common interest, including intelligence sharing, and training of investigators. Mr. Tahir Mahmood, the SECP Commissioner, Company Law Division, will make the keynote speech.