Securities and Exchange Commission of Pakistan (SECP) has issued a public warning about an illegal investment and deposit-taking platform operating under the name “SMARTPAYS.” The platform, promoted through a website, claims to offer substantial returns on investments and deposits. However, SECP has clarified that these claims are entirely fraudulent.
According to SECP, SMARTPAYS falsely presents itself as a licensed non-banking finance company, even displaying a fake Certificate of Incorporation under the name “SMART FINANCE (PRIVATE) LIMITED” on its website. SECP has confirmed that neither SMARTPAYS nor SMART FINANCE (PRIVATE) LIMITED is registered or licensed as a non-banking finance company in Pakistan.
In light of this discovery, SECP has strongly urged the public not to deposit or invest any funds with SMARTPAYS or any other similar unauthorized investment platforms. The regulatory body emphasized that engaging with such schemes could result in financial losses for investors.
SECP has added the name “SMARTPAYS/SMART FINANCE (PRIVATE) LIMITED” to its “List of Companies Engaged in Unauthorized Activities,” available on the SECP website. Additionally, the matter has been referred to the relevant investigation authorities for further action. The SECP continues its efforts to protect investors from fraudulent schemes and has reiterated its commitment to ensuring transparency and compliance in Pakistan’s financial sector.
