Business Desk 
Oct 23, 2024
The Securities and Exchange Commission of Pakistan (SECP) has highlighted “SmartPays” as a fraudulent deposit-taking platform, warning the public against investing in it.
Responsible for the registration, licensing, and supervision of companies, businesses, and the corporate sector in Pakistan, SECP aims to safeguard the interests of the public through this action.
What is SmartPays?
Accessible via its website (https://smartpays.org/), SmartPays falsely claims to provide exceptional gains on investments and deposit schemes it offers.
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The online platform also presented a fake Certificate of Incorporation on its website with the name Smart Finance (Private) Limited, claimed to be a licensed non-banking finance company.
SECP takes action against SmartPays
However, SECP has confirmed to the public that there is no such company licensed or registered by it to operate as a non-banking finance company.
Consequently, the financial regulatory agency has cautioned the public not to deposit or invest funds in such illegal investment platforms.
SECP also added SmartPays and Smart Finance (Private) Limited to the “List of Companies engaged in Unauthorised Activities” available on the SECP website and referred the matter to relevant authorities for further investigation and potential legal action.
