SECP alerts citizens to Barwaqt loan fraud

MG News | April 11, 2025 at 06:25 PM GMT+05:00

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April 11, 2025 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has issued an alert to the general public regarding ongoing fraudulent activities associated with the Barwaqt App, which was operated by Seedcred Financial Services Limited (SFSL).

The SECP clarified that SFSL is currently non-operational and that the Barwaqt App was officially delisted by the commission in August 2024.

According to SECP, certain individuals have been reported using social media platforms to falsely claim that they can remove or alter loan default records reported by SFSL to credit bureaus.

These individuals are demanding payments in exchange for such services, according to the press release issued today.

The SECP emphasized that these practices are fraudulent and are being carried out without any legal authority.

It strongly advised the public not to pay any money to unauthorized individuals or entities offering such services.

Under the Credit Bureau Act, 2015, only duly authorized members of credit bureaus are permitted to report loan statuses and related data.

The SECP has urged the public to remain vigilant and avoid falling victim to these scams.

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