Islamabad, Pakistan – April 12, 2025 — The Securities and Exchange Commission of Pakistan (SECP) has issued a strong public warning regarding fraudulent activities associated with the Barwaqt App, formerly operated by Seedcred Financial Services Limited (SFSL).

According to an official press release, the Barwaqt App was delisted by the SECP in August 2024, and SFSL is now non-operational. However, deceptive practices have emerged on social media platforms where individuals are falsely claiming the ability to alter or remove loan default records previously reported by SFSL to authorized credit bureaus.

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Fraud Alert: Unauthorized Services in Exchange for Payment

The SECP has received multiple complaints about individuals demanding money from the public in exchange for supposedly erasing negative credit history or loan defaults. These unauthorized services are illegal and violate the Credit Bureau Act, 2015, which clearly states that only authorized credit bureau members can report or modify loan data.

SECP Issues Public Advisory

The commission emphasized that no private entity or individual has the legal authority to manipulate or delete loan records from a credit bureau. In its advisory, the SECP urged citizens to remain cautious and refrain from paying any money to such scammers:

“The public is strongly advised not to pay any money to unauthorized individuals or entities offering such services,” the SECP stated.

Stay Vigilant: Protect Your Financial Records

As digital financial platforms continue to grow, the SECP encourages users to verify the legitimacy of financial services and to report any suspicious activity. Scams related to fake credit repair services not only exploit vulnerable borrowers but also undermine the integrity of the financial ecosystem.

To stay protected:

• Do not share personal or financial information with unverified sources.
• Only engage with licensed financial service providers.
  Report fraud to SECP or law enforcement authorities.

Conclusion

With the rise of financial scams and misinformation spreading through digital channels, the SECP’s timely warning highlights the importance of consumer awareness and regulatory vigilance. The public is reminded to verify facts before acting on any financial offer, especially those that sound too good to be true.