ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a public warning regarding fraudulent activities linked to the Barwaqt App, which was previously operated by Seedcred Financial Services Limited (SFSL).
According to the SECP, SFSL is no longer operational, and the Barwaqt App was officially delisted in August 2024. However, despite this, scammers are exploiting its name to deceive people online.
The commission highlighted that certain individuals are falsely claiming—mainly through social media—that they can remove or change loan default records submitted by SFSL to credit bureaus. In exchange, they are demanding payments from unsuspecting victims.
The SECP strongly condemned these actions, calling them illegal and fraudulent. It made it clear that only authorised members of credit bureaus, as per the Credit Bureau Act, 2015, are allowed to report or modify credit-related information.
The public has been urged not to make any payments to unauthorised individuals or entities offering such services. The SECP also encouraged people to stay alert and report suspicious activities to the relevant authorities.
This warning comes as part of SECP’s continued efforts to protect consumers from financial fraud and ensure transparency in the financial sector.