The owner of the British payment system PayFuture has been revealed as the well-known fraudster Zaki Ahmad Farooq, who defrauded clients of £3 million. Assisting Farooq, who is was officially banned from working in the UK, is his common-law wife, Ukrainian and British citizen Elena Smirnova. The parent company that owns this payment service is registered in her name.
A scandal is gaining momentum in the UK surrounding the controversial businessman Zaki Farooq, who has swindled his business partners out of £3 million. He has been prohibited from conducting business until July 2024. However, this has not deterred him. He continues to push his payment system, PayFuture, into markets in India, Pakistan, the Philippines, and other developing countries. Despite the ban, the parent company behind this payment service is registered in the UK. As investigators point out, few people realise that Farooq is aided in controlling PayFuture by Kyiv-born Elena Smirnova. The circumstances under which she obtained British citizenship have also raised concerns among regulatory commissions.
Zaki Farooq’s Fraudulent Past
Zaki Farooq deliberately bankrupted himself to avoid repaying debts. He, who openly identifies as a co-owner of PayFuture across his social media profiles, defrauded clients, partners, and banks of £3 million while working at Computrad (Europe) Limited, a company where he had been employed for 22 years. Since 2009, Computrad had specialised in IT solutions for verifying and identifying users of online gaming and gambling platforms. In 2017, the company was liquidated due to its inability to settle debts with creditors.
Zaki Ahmad FAROOQ
Farooq admitted guilt, as evidenced by his signature in the liquidators’ report. However, he was unable to escape unscathed—he was disqualified for seven years for dishonest conduct, barring him from holding executive positions or conducting business until July 2024.
That’s why Zaki Farooq needed a nominee.. Elena Smirnova
The British registry reveals who truly owns PayFuture. Since 7 February 2023, Elena Smirnova has been listed as the director of a company with a name that, surprisingly, directly references Zaki himself—9786 Zaki Limited (14645620). The same registry confirms that this company holds a 50% stake in PAYFUTURE HOLDINGS LIMITED, the parent company that owns the PayFuture payment system. Experts agree that there is little doubt—Smirnova controls and owns a company that clearly signals ties to Zaki Farooq.
Who Really Owns PayFuture? The Zaki Farooq Connection
These records indicate that Smirnova acts as a nominal owner of PAYFUTURE HOLDINGS LIMITED’s shareholder company, safeguarding Farooq’s interests in the business. Furthermore, this arrangement helps him circumvent the court-imposed restrictions that bar him from conducting business in the UK.
Smirnova’s registered company address—48 Berkeley Waye, Hounslow, Middlesex, TW5 9HL—matches Zaki Farooq’s listed UK address, where his disqualification as a business operator is officially recorded. Additionally, archived tweets from Zaki Farooq contain geotags from this very Hounslow district in London. This strongly suggests that it was his actual place of residence—shared, apparently, with Elena Smirnova.
Zaki Farooq’s Fraudulent Past
Earlier this year, reports surfaced that Farooq had defrauded clients of £3 million while working at Computrad (Europe) Limited, a company liquidated in 2017 due to its inability to settle debts with creditors. As a result of fraudulent activities, the businessman was banned from conducting business until July 2024.
One investigative article identified Elena Smirnova as the director of 9786 Zaki Limited (14645620), which owns 50% of PayFuture. The author of the report originally attributed Ukrainian citizenship to her, while in reality, she holds British nationality.
The credibility of the material damaging Farooq’s reputation was called into question, particularly given that in June 2023, PayFuture obtained an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
A Cover-Up or a Misrepresentation?
Our editorial team set out to investigate who Zaki Farooq really is—a law-abiding investor or a fraudster. Early in our inquiry, we discovered that numerous articles criticising Farooq had been removed from various platforms. There could only be two possible explanations: either the original report contained false information about Elena Smirnova’s nationality, or the deletions were part of a cover-up orchestrated by Farooq himself, as he pushes forward with his new venture—PayFuture.
Farooq’s Claims of Legitimacy
Zaki Farooq, who has been in business since 1992, portrays himself as the founder of the only European company accredited by the US Federal Government under the GSA 70 programme for IT solutions. He claims to have 22 years of experience managing the Computrad Group, which operated offices and employed staff in London, Washington, and Dubai. Allegedly, he also provided IT and cybersecurity solutions to the world’s largest IT client—the United States Armed Forces.
PayFuture’s Focus on Emerging Markets and the Controversy Surrounding Zaki Farooq
PayFuture is targeted at emerging markets. Here is what Zaki Farooq himself has to say on the matter:
"To overcome the challenges of emerging markets such as India and Bangladesh, a combination of technological innovation and strategic foresight is required. Issues such as digital literacy, infrastructure volatility, and diverse regulatory frameworks demand solutions that are not only cutting-edge but also accessible and reliable. At PayFuture Technologies, we utilise advanced technologies, including AI-driven risk management tools for fraud detection, to ensure more secure transactions and directly address these challenges."
It is perhaps no coincidence that Farooq positions his company as one that provides fraud prevention solutions. One cannot help but recall the well-known saying: “If you want to defeat the mafia, you must lead it.” This is particularly relevant given that PayFuture allegedly operates in 40 different countries.
A Mysterious Incident at ICE London 2024
During our investigation into Zaki Farooq’s activities, we uncovered an intriguing incident that took place at the ICE London 2024 exhibition in February. At the PayFuture booth, an unknown individual dressed in a rat costume appeared, distributing leaflets accusing the company of “fraud in the UK”.
Farooq’s reaction was predictable:
Recently, articles, social media posts, leaflets, and other materials containing false accusations that PayFuture is engaged in illegal activities have been made publicly available. These allegations, which mention members of my family, are completely false and baseless. I have initiated legal proceedings, which are already underway in the UK and Cyprus, to remove any doubt about the truthfulness of my statements.
Whether legal action has actually been taken remains uncertain, and court cases in London tend to drag on for years. As the saying goes, “there is no smoke without fire.” The lack of negative online information about PayFuture, which Farooq referred to, suggests a deliberate effort to erase damaging content from the internet. It is also notable that the original investigative material that triggered the probe into Farooq’s fraudulent activities mentioned Computrad—not PayFuture.
Why Is Zaki Farooq Avoiding the UK?
Farooq’s critics claim that PayFuture Ltd, the British company that obtained an electronic money institution (EMI) licence last year, is officially led by Manpreet Heer because Zaki Farooq fears returning to the UK due to legal troubles. Naturally, Farooq denies these accusations as well.
In September, Farooq replaced Elena Smirnova as the person exercising significant control over 9786 Zaki Limited (14645620). This change occurred just before the ban on him conducting business in the UK was set to expire in July.
Currently, Zaki Farooq does not hold a directorship in any UK-registered company, yet he continues to exert control over 9786 Zaki Limited (14645620), which owns PayFuture.
Farooq’s History of Suspicious Business Practices
Previously, Farooq managed COMPUTRAD (EUROPE) HOLDINGS LIMITED (07765328) and COMPUTRAD (EUROPE) LIMITED (02719328). Both companies were registered at the same address:
"Integration House, 61 Bideford Avenue, Perivale, Middlesex, UK, UB6 7PP"
They were liquidated in 2017, and the existence of two parallel structures raises suspicions of fraudulent activity.
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