SEBI today cautioned general public and investors against dealing with MCX Biz Solutions and its proprietor Syed Sadaq, who were found running fraudulent investment schemes with fake and forged documents while using a name similar to that of an exchange group.

Market regulator said the registration certificate being used by MCX Biz Solutions to lure investors was never issued by Sebi to the concerned entity.

In a public notice, the Securities and Exchange Board of India (Sebi) cautioned general public against dealing with MCX Biz Solutions and also advised not to get attracted or lured by any advertisements, which are issued by the entity to solicit investments.

"The investing public are once again cautioned to deal only with registered intermediaries," Sebi noted.

Sebi, earlier this week, clamped down on a fraudulent investment scheme being run by MCX Biz Solutions.

It restrained the company and its proprietor from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner till further directions.

Operating through a website, MCXBizSolutions.Com, it claimed to be active in stock trading and commodities trading and "was soliciting and collecting money from public and was promising high returns."

On its website, MCX Biz Solutions also mentioned "Welcome to MCXSX", apparently without any link with MCX-SX, a stock exchange set up by Financial Technologies group that also runs leading commodity bourse MCX.

Among other claims, MCX Biz Solutions said mcxbizsolutions is a great trading arena for making profits, for everybody, and its fun" and it is "a winning system for making money" and "we know all about MCX commodity or stock tips for trading and earnings."

A Mumbai address listed on the website was also found to be untrue, while they also "made representations and statements in their website about their activities in securities market in reckless and careless manner and have suggested facts which are false and untrue," Sebi said. (Business Standard)