Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has issued a warning regarding an unauthorized investment and deposit-taking platform named “SMARTPAYS”. The platform, marketed online at smartpays.org, falsely claims to provide high returns through its investment and deposit schemes. SECP has clarified that “SMARTPAYS”, also operating under the name “SMART FINANCE (PRIVATE) LIMITED”, is neither registered nor holds a license as a non-banking finance company.

According to Securities and Exchange Commission of Pakistan, the platform has been promoting itself with a counterfeit Certificate of Incorporation, misleading the public about its legitimacy. The agency has taken steps to inform the public against investing or depositing funds with “SMARTPAYS” or any related entity. The names of “SMARTPAYS” and “SMART FINANCE (PRIVATE) LIMITED” have been added to SECP’s “List of Companies engaged in Unauthorized Activities.”

In response to these fraudulent activities, SECP has also referred the matter to appropriate investigative authorities for further action. This measure aims to safeguard the public from potential financial losses associated with these illegal schemes.