The Securities and Exchange Commission of Pakistan (SECP) has identified an illegal investment and deposit-taking platform called “SMARTPAYS.”
The website (http://smartpays.org/) is being used to promote the platform, but it is merely a fake investment corporation that is promising high yields on its purported investment programs.
Deceptive Practices of SMARTPAYS
SMARTPAYS, which operates as a licensed non-banking finance company NBFC, maintains an erroneous certificate of incorporation (COI) on its website under the name SMART FINANCE (PRIVATE) LIMITED. SMARTPAYS has submitted a fabricated Certificate of Incorporation under the name of SMART FINANCE (PRIVATE) LIMITED in order to bolster this fraudulent image.
SECP’s Response
The SECP has explicitly stated that SMARTPAYS, or “SMART FINANCE (PRIVATE) LIMITED,” is not a registered or licensed NBFC through the commission. The public has been explicitly cautioned against investing any funds in SMARTPAYS or any other unauthorized organization.
Additionally, the SECP has included the name “SMARTPAYS/SMART FINANCE (PRIVATE) LIMITED” in its list of companies that are involved in unlawful activities. SECP has referred the case to the relevant investigative agencies.
The SECP has reiterated its cautionary advice to the public, advising them to verify the legitimacy of investment platforms before making any investments.
