KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has identified an illegal investment/deposit-taking platform operating under the name “SMARTPAYS”, ARY News reported on Tuesday.
The platform is being promoted through a website, falsely claiming provision of substantial returns on investment/deposit schemes being offered through the platform, said a press release issued here on Tuesday.
SMARTPAYS also falsely claims to be a licensed non-banking finance company and displays a fake Certificate of Incorporation on its website with the name “SMART FINANCE (PRIVATE) LIMITED”.
The Public is informed that “SMARTPAYS/ SMART FINANCE (PRIVATE) LIMITED” is neither registered nor licensed by SECP as a non-banking finance company.
SECP hereby warns the public not to deposit or invest funds with “SMARTPAYS/ SMART FINANCE (PRIVATE) LIMITED” or any such other illegal investment/deposit-taking platform in whatsoever form and whatsoever arrangement.
The name “SMARTPAYS/ SMART FINANCE (PRIVATE) LIMITED ” has been added to the “List of Companies engaged in Unauthorized Activities” available on SECP’s website. Furthermore, SECP has also referred the matter to relevant investigation authorities.
