The Securities and Exchange Commission of Pakistan (SECP) has issued a public warning against investing through unlicensed online trading platforms, websites, and mobile apps that promise unrealistic returns on investments in stocks and other financial products within local or international securities markets.

The SECP has received several complaints from both licensed securities brokers and investors regarding a number of suspicious platforms, including Interactive Brokers Group (IBKR), IGIL Securities Country, BMA Capital No.108/BMAC Global Pro, WTIC World Top Investor Competition, and Aviva Securities, among others.

These fraudulent entities often operate through social media, luring potential investors with deceptive promises of high returns and minimal risks. They typically use unverified apps or web links, presenting themselves as legitimate trading platforms. To appear credible, they misuse the names, logos, and images of well-known companies, financial professionals, and regulatory authorities.

Many of these platforms display fake dashboards showing fabricated account balances and profits. While users may initially be allowed to withdraw small amounts to build trust, they are soon pressured into making larger investments. Once significant funds are deposited or if an investor tries to withdraw remaining funds, access is suddenly blocked.

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The SECP clarified that all trading in listed securities and commodities in Pakistan must be conducted through brokers licensed by the SECP. Authorized brokers are listed on the official websites of the Pakistan Stock Exchange and Pakistan Mercantile Exchange Limited.

Any fraudulent platforms and associated bank accounts identified are being reported to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and the State Bank of Pakistan (SBP) for necessary action.

The SECP urges the public to avoid investing with any unauthorized individuals or platforms and to verify the legitimacy of any entity before engaging in financial transactions. People are also advised to protect their personal and financial information and avoid sharing details through unverified sources on social media or messaging platforms to prevent fraud and identity theft.