SECP Warns of Fake Investment Platform “SMARTPAYS”

The Securities and Exchange Commission of Pakistan (SECP) is urging the public to be aware of a deceptive investment platform operating under the name “SMARTPAYS.” This platform, accessible through their website (https://smartpays.org/), falsely promises substantial returns on investments and deposit schemes.

Deceptive Tactics Used by SMARTPAYS

False Claims of Legitimacy: SMARTPAYS portrays itself as a licensed non-banking finance company (NBFC). However, it is not registered or authorized by SECP to operate as such.

Fake Documentation: To bolster their fabricated image, SMARTPAYS displays a phony Certificate of Incorporation under the name “SMART FINANCE (PRIVATE) LIMITED.”

SECP’s Warning and Actions Taken

The SECP strongly advises the public against investing any funds with “SMARTPAYS/ SMART FINANCE (PRIVATE) LIMITED” or any similar platforms that offer illegitimate investment opportunities. These platforms often lure unsuspecting individuals with the promise of high returns, but ultimately result in financial losses.

To protect investors and maintain financial stability in Pakistan, the SECP has taken the following actions:

Public Warning: SECP issued a public notice exposing the fraudulent activities of SMARTPAYS.
Blacklisting: The platform’s name, “SMARTPAYS/ SMART FINANCE (PRIVATE) LIMITED,” has been added to the official “List of Companies engaged in Unauthorized Activities” on the SECP website.
Investigation: SECP has reported the platform to relevant authorities for further investigation and potential legal action.

Staying Safe from Investment Scams

The case of SMARTPAYS serves as a stark reminder for everyone to be cautious when considering investment opportunities. Here are some tips to protect yourself from falling victim to similar scams:

Verify Legitimacy: Before investing, always check if the platform is registered with a reputable financial regulatory body like SECP.
Beware of Unrealistic Promises: If an investment opportunity offers guaranteed high returns with minimal risk, it’s likely a scam.
Do Your Research: Thoroughly research any investment platform before committing any funds.
Seek Expert Advice: Consider consulting with a licensed financial advisor before making investment decisions.

By following these steps and staying informed, you can safeguard yourself from fraudulent investment schemes and invest wisely.