SECP Warns Public Against Investing in Fraudulent Prime Zone

The Securities and Exchange Commission of Pakistan (SECP) on Wednesday said that it has observed that Prime Zone and its owner, Imran Butt, are involved in offering illegal deposit and investment schemes to the public by promising unrealistic monthly returns in the name of LPG trading. SECP said the entity is operating social media pages with the title “Prime Zone Ltd.” and giving a false impression of being a registered company. It clarified that no company with the name and style of Prime Zone Ltd is registered with the SECP. Prime Zone is neither a registered entity nor is it allowed to accept deposits or investments from the public, SECP added. SECP has warned the public not to deposit or invest funds with Prime Zone and its owner in whatsoever form and whatsoever arrangement. SECP has also initiated legal proceedings against the involved persons.