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SECP warns public against fraudulent online trading platforms offering ‘unrealistic returns'

The Securities and Exchange Commission of Pakistan (SECP) on Thursday warned the public against investing through unlicensed online trading platforms offering 'unrealistic returns'. 'We're cautioning the public against fraudulent online trading platforms promising unrealistic returns,' it said. Platforms like Interactive Brokers Group (IBKR), IGIL Securities Country, BMA Capital No.108/BMAC Global Pro, WTIC World Top Competition, and Aviva Securities are not licensed in Pakistan, the commission said. 'Invest only with SECP-licensed brokers for your safety. Your financial security is paramount. Verify before you invest!' SECP informed that scammers are now using social media to promote fraudulent loan schemes. 'They're offering 'quick, interest-free loans' via sponsored ads, often faking legitimacy with names of reputable organisations.' SECP said that 'these fraudsters' demand upfront fees i.e. processing, registration, etc. or sensitive personal information, then disappear without disbursing any loan. 'Do not fall for it! We're reporting them to the Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA) for immediate action. 'Always verify financial offers! Check the SECP website for a list of only licensed companies and approved loan apps.' Last month, SECP warned the public against Qxbroker (Quotex), an unauthorised platform targeting Pakistani investors, which is accessible through its website and a mobile application on the Google Play Store. The SECP stated that Quotex is not authorised to operate in Pakistan and has been flagged by multiple international regulators for running unauthorised operations.