The Securities and Exchange Commission of Pakistan (SECP) has issued a public alert, warning citizens about ongoing scams involving the Barwaqt App, previously operated by Seedcred Financial Services Limited (SFSL).
In its statement, the SECP said SFSL is no longer in operation and that the Barwaqt App was officially delisted in August 2024.
Despite this, some individuals are reportedly using social media to make false claims, offering to erase or alter loan default records originally reported by SFSL to credit bureaus. These people are allegedly charging money for these illegal services.
The SECP clarified that such actions are fraudulent and have no legal backing. It has strongly advised the public not to engage with or pay anyone claiming to offer these services.
Only registered members of credit bureaus are legally allowed to report or update loan records under the Credit Bureau Act, 2015.
The commission has urged people to stay alert and avoid falling for these deceptive schemes.
