SECP Warns Public Against Fake Trading App Misusing Names of Brokers and Celebrities

The Securities and Exchange Commission of Pakistan (SECP) has issued a strong warning to the public. SECP has found that several people and groups are promoting fake trading and investment platforms. These platforms are being advertised on social media and in WhatsApp groups. They use the names of licensed brokerage houses without permission. They also misuse photos of celebrities, FinFluencers, and well-known brokerage executives to appear trustworthy.

According to the SECP, a mobile and web application called “TSLWEA / TSL WEALTH” is falsely using the identity of Topline Securities Limited. This app is not linked to the licensed brokerage house in any way. The SECP also identified a WhatsApp group named “A103-Topline Stock Strategies Hub.” This group is falsely promoting the “TSLWEA / TSL WEALTH” application. It also claims that the app uses an AI-based trading system created by Topline Securities. The regulator has made it clear that all of these claims are fake.

SECP Warns Public Against Fake Trading App Misusing Names of Brokers and Celebrities

The SECP has confirmed that “TSLWEA / TSL WEALTH” is not licensed or authorized to operate any investment or trading service. It has no approval to offer trading on the Pakistan Stock Exchange (PSX) or any other regulated market. This means anyone using the app is acting outside the legal financial system and is at serious risk of fraud.

The regulator also noted a rise in fake ads on social media. These ads are often created using AI. They show pictures of actors, influencers, and senior officials from reputable brokerage firms. The goal of these ads is to trick people into joining WhatsApp groups. Once inside these groups, users are encouraged to “invest” in shares of listed companies. The SECP also warns that these groups are completely illegal. People who invest through them could lose their money.

To stay safe, the SECP advises the public to trade only through licensed brokers. These brokers are regulated and follow strict rules to protect investors. A full list of authorized securities and futures brokers is available on the official websites of the Pakistan Stock Exchange (PSX) and the Pakistan Mercantile Exchange (PMEX). Checking these lists takes only a few minutes and can prevent major financial losses.

See Also: SECP Partners with Digital Banks to Fast-Track Startup Account Openings in Pakistan

The SECP is also taking steps to stop these scams. It has reported the fake platforms and WhatsApp groups to Google, the Pakistan Telecommunication Authority (PTA), and relevant law enforcement agencies. The regulator is also working to block these platforms and take action against those involved.

The SECP’s message to the public is clear. Do not trust any person or group offering investment services through WhatsApp, Facebook, TikTok, or other informal channels. Do not deposit any money into the “TSLWEA / TSL WEALTH” app. And do not share your personal information with unknown individuals posing as investment experts.

The SECP also urges all investors to stay alert. Always verify the authenticity of any trading service before transferring funds. A few simple checks can protect you from serious financial harm.