The Securities and Exchange Commission of Pakistan (SECP) has identified an illegal investment and deposit-taking platform operating under the name “SMARTPAYS.”According to a press release issued on Tuesday, the platform is being promoted through its website (https://smartpays.org/), falsely claiming to offer substantial returns on investment schemes. SMARTPAYS also falsely represents itself as a licensed non-banking finance company (NBFC) and displays a fake Certificate of Incorporation on its website under the name “SMART FINANCE (PRIVATE) LIMITED.”The SECP has clarified that “SMARTPAYS/SMART FINANCE (PRIVATE) LIMITED” is neither registered nor licensed as an NBFC by the commission. The public has been warned not to deposit or invest funds with “SMARTPAYS/ SMART FINANCE (PRIVATE) LIMITED” or any other similar illegal investment or deposit-taking platforms, regardless of the arrangement. The name “SMARTPAYS/ SMART FINANCE (PRIVATE) LIMITED” has been added to SECP’s “List of Companies Engaged in Unauthorized Activities” on its website. The matter has also been referred to the relevant investigative authorities for further action.

Source: Pakistan Today October 22, 2024 10:08 UTC