Two arrested over Telegram-based foreign investment scam

The Criminal Investigation Department (CID) of Bangladesh Police has arrested two suspected members of a fraud ring accused of swindling large sums of money by luring people into fake foreign investment schemes through the messaging app Telegram.

The arrested individuals were identified as Ranjit Basak Raunak, 25, and Palash Chandra Basak, 40.

Confirming the matter today (27 January), CID Special Superintendent of Police (Media) Jasim Uddin Khan said Ranjit was arrested at around 8:30pm yesterday from Thakurgaon and Palash was arrested at around 2am today from Dinajpur.

According to the CID, a case related to the fraud ring was filed at Paltan Police Station on 4 September. Later, the suspected mastermind of the ring, Fardin Ahmed alias Pratik, 25, and his associate Md Sagar Ahmed, 24, were arrested in connection with the case.

Both gave confessional statements before the court under Section 164 of the Code of Criminal Procedure and disclosed the names of two more members of the gang. Based on their statements, Ranjit and Palash were arrested, the CID official said.

Preliminary investigation revealed that the fraud ring had been operating for a long time by opening fake groups on Telegram under the names of foreign investment platforms and other attractive titles. The groups promised unusually high returns within a short period to lure people into investing.

Once victims joined the groups, several pre-added members would post fabricated messages showing how they had earned high profits in a short time. CID officials said these members were in fact active associates of the gang, and the posts were entirely false and misleading.

Following the group's instructions, victims transferred money to various bank and mobile financial service (MFS) accounts. In most cases, the accounts were opened in the names of third parties, many of whom were unaware of the actual purpose. The fraudsters later used these accounts to illegally move and embezzle the money, causing many investors to lose their savings.

CID sources said the gang also used an unusual method to convert the illegally obtained money into cash. The mastermind would purchase vehicles from different car showrooms through bank transactions and sell them shortly afterwards at lower prices, showing losses on paper to withdraw cash.

This method was used to "cash out" the fraudulently obtained money, the sources added.