ISLAMABAD, June 15: The Securities & Exchange Commission of Pakistan (SECP) has taken cognizance of an unincorporated entity by the name of Etihad Auto Solutions for offering car financing schemes against an advance or down payment of 25% at extremely low markup rates.
The sponsors of Etihad Auto Solutions have also registered another company under the Companies Act, 2017 with a similar name, i.e., Etihad Auto Solutions (Private) Limited in order to deceive the public. This fraudulent scheme is being promoted through https://etihadautosolutions.com/. It is falsely claimed that Etihad Auto Solutions (Private) Limited is a non-banking finance company (NBFC) registered with SECP.
SECP hereby warns the public not to deal with M/s Etihad Auto Solutions (Private) Limited and/or Etihad Auto Solutions in any form or arrangement, as these entities are neither licensed by the SECP as NBFCs nor are they allowed to offer car financing services.
The SECP has already initiated action against M/s Etihad Auto Solutions (Private) Limited and Etihad Auto Solutions, which includes closing down their operations and referring the matter to relevant law enforcement agencies.
The general public is once again informed that the “Certificate of Incorporation” of a company merely confirms its registration with SECP and does not allow the company to raise deposits or launch investment schemes.
The details of Etihad Auto Solutions show it is an Islamabad -based company which is offering mostly used vehicles to its customers for leasing . The office of Etihad Auto Solutions and Etihad Auto Solutions (Pvt) Limited is situated in E-11/3 in the federal capital. Its data itself shows its a fraudulent group as it has no landline contact no. Existing of such fraud company and that too in the heart of the federal capital speaks of collapse of the system of intelligence agency. Thanks to SECP it at least cautioned the public at large about these fraud companies.
