A growing wave of fraudulent trading applications and online investment groups is triggering new concerns among regulators, as the Securities and Exchange Commission of Pakistan has identified multiple unauthorized platforms posing as legitimate brokers across social media and messaging channels. With investors increasingly reliant on mobile apps and digital forums for stock market participation, the line between authentic and deceptive platforms is becoming harder for the public to detect.
According to the SECP, several individuals and organized groups are promoting illegal trading services through WhatsApp groups and social media pages while misusing the identities of licensed securities brokers. The regulator noted that these operators are exploiting the names of reputable firms, borrowing images of celebrities, FinFluencers, and even senior executives to create a false sense of trust. These tactics are designed to convince unsuspecting users to download unauthorized apps or join private investment groups where they eventually face financial losses.
One of the most alarming discoveries is a mobile and web-based application operating under the name TSLWEA or TSL WEALTH. The app, according to the SECP, is falsely impersonating the licensed brokerage house Topline Securities Limited. In addition, a WhatsApp group labelled A103-Topline Stock Strategies Hub has been promoting the same platform and claiming connections to an AI-powered trading system, despite having no association with the actual brokerage.
The SECP has clarified that TSLWEA or TSL WEALTH is not licensed or authorized to operate any investment or trading platform for the Pakistan Stock Exchange or any other regulated marketplace. The platform’s use of a legitimate firm’s identity is considered a deliberate attempt to mislead the public into depositing funds or sharing confidential information.
Compounding the issue is the rise of AI-generated advertisements circulating across social media networks. These ads frequently feature photos of well-known personalities and financial influencers, paired with fabricated testimonials promoting high-return stock opportunities. The ads funnel viewers into WhatsApp groups where fraudulent operators present themselves as advisers offering exclusive access to stock market strategies or insider insights. The SECP warns that these groups are illegal and carry a high risk of financial exploitation.
To safeguard investors, the regulator is advising the public to trade only through securities and futures brokers licensed by the SECP. Verified lists of authorized brokers are published on the official websites of the Pakistan Stock Exchange and the Pakistan Mercantile Exchange. The SECP also emphasizes the importance of verifying any trading platform’s legitimacy before making deposits or sharing sensitive details.
Regulators have already reported the identified fraudulent platforms to Google, the Pakistan Telecommunication Authority, and law enforcement authorities. Efforts are underway to restrict public access to these apps and groups, though the fast-moving nature of digital fraud means new versions often reappear under modified names.
The SECP has issued a strong advisory against depositing funds with the TSLWEA or TSL WEALTH app or engaging with any individuals or groups promoting unauthorized trading opportunities. As digital investment channels expand, the regulator urges users to maintain caution, scrutinize promotional content, and avoid relying on unverified claims circulating online.
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