The Securities and Exchange Commission of Pakistan (SECP) has warned the public about ongoing scams linked to the Barwaqt loan app, previously operated by Seedcred Financial Services Limited (SFSL).
In a recent statement, the Securities and Exchange Commission of Pakistan (SECP) announced that Sarmaya Microfinance Limited (SFSL) is no longer operational, and its Barwaqt loan app was officially delisted in August 2024.
Despite this, the SECP warned that certain individuals are misusing social media to falsely claim they can delete or alter loan default records previously submitted by SFSL to credit bureaus. These fraudsters are reportedly demanding money for these services, which the SECP confirmed are both illegal and unauthorized.
The commission emphasized that, under the Credit Bureau Act, 2015, only registered members of licensed credit bureaus are permitted to report or amend credit data. It urged the public not to fall for such scams, stressing that any offer to manipulate credit records is fraudulent.
The SECP also noted a rise in loan app scams across Pakistan, with growing complaints about high interest rates and aggressive recovery tactics. Citizens are advised to remain vigilant and steer clear of deceptive lending platforms or individuals making false promises.
Suspicious activities can be reported to the SECP through its official channels.
