ISLAMABAD: The Securities & Exchange Commission of Pakistan (SECP) has issued a stern warning to the public regarding Etihad Auto Solutions, an unincorporated entity offering deceptive car financing schemes. This entity requires a 25% advance or down payment with extremely low markup rates, posing significant risks to unsuspecting consumers.
Etihad Auto Solutions has also created a company named Etihad Auto Solutions (Private) Limited under the Companies Act, 2017, apparently to add credibility to their scheme. The fraudulent activities are being aggressively promoted through their website https://etihadautosolutions.com/, falsely claiming registration as a non-banking finance company (NBFC) with the SECP, which is entirely false.
The SECP emphasizes that neither M/s Etihad Auto Solutions (Private) Limited nor Etihad Auto Solutions is licensed by the SECP as an NBFC, nor are they authorized to provide car financing services. Any engagement with these entities is strongly discouraged, as they are operating outside the law.
Prompt action has been initiated by the SECP against M/s Etihad Auto Solutions (Private) Limited and Etihad Auto Solutions. This includes shutting down their operations and referring the matter to relevant law enforcement agencies to prevent further harm to the public.
It is crucial for the public to understand that a “Certificate of Incorporation” only signifies the registration of a company with the SECP and does not authorize the company to raise deposits or launch investment schemes without proper licensing and regulatory oversight.
Consumers are urged to exercise caution and verify the credentials of any financial entity before entering into any financial transactions. The SECP remains committed to protecting investors and consumers from fraudulent activities and will continue to take decisive actions against such deceptive practices.
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