KARACHI: Securities and Exchange Commission of Pakistan (SECP) has identified an illegal investment/deposit-taking platform operating under name ‘SMARTPAYS’.

Platform is being promoted through website, falsely claiming provision of substantial returns on investment/deposit schemes being offered through platform, said press release issued here. SMARTPAYS also falsely claims to be licensed non-banking finance company and displays fake Certificate of Incorporation on its website with name ‘SMART FINANCE (PRIVATE) LIMITED’.

Public is informed that ‘SMARTPAYS/SMART FINANCE (PRIVATE) LIMITED’ is neither registered nor licensed by SECP as non-banking finance company. SECP hereby warns 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. Name ‘SMARTPAYS/SMART FINANCE (PRIVATE) LIMITED’ has been added to “List of Companies engaged in Unauthorised Activities” available on SECP’s website. Furthermore, SECP has also referred matter to relevant investigation authorities.