The Securities and Exchange Commission of Pakistan (SECP) has taken action against the fake investment platform “SMARTPAYS” and issued a public warning to prevent people from falling victim to its deceptive schemes. Here’s what you need to know:
💼 Deceptive Practices Uncovered
The so-called investment website smartpays.org is a fraudulent platform posing as a legitimate investment company under the name SMART FINANCE (PRIVATE) LIMITED. Here’s how it’s tricking investors:
- Fake Licensing Claims: SMARTPAYS presents itself as a Non-Banking Finance Company (NBFC) with an incorrect Certificate of Incorporation (COI).
- False Promises: The platform advertises high returns through various “investment programs,” which are simply tools to lure unsuspecting investors.
🔍 SECP’s Response & Public Warning
The SECP has made it clear that SMARTPAYS is not registered or licensed under any NBFC framework by the commission. Key actions include:
- Adding SMARTPAYS to Watchlist: SECP has labeled “SMARTPAYS/SMART FINANCE (PRIVATE) LIMITED” as an illegal entity on their list of companies engaged in unlawful practices.
- Referral to Authorities: The case has been handed over to the relevant investigative agencies for further action.
- Public Advisory: SECP has warned the public to verify all investment platforms before placing any funds to avoid potential scams.
🚨 Important Reminder from SECP
The SECP urges investors to exercise caution and double-check the credentials of any investment platform to ensure they are registered, licensed, and comply with regulatory standards.
