Fake ads, WhatsApp groups and bogus apps: Dismislab report sheds light on stock fraud in Bangladesh
Instead of being routed through legitimate brokerage accounts, the funds were transferred directly into personal accounts controlled by fraudsters.
A web of fraudulent Facebook ads, WhatsApp groups, and fake trading platforms is targeting Bangladeshi investors with promises of quick profits, according to a report by independent fact-checking platform Dismislab.
Dismislab's investigation revealed how unsuspecting users are being trapped in a multi-platform stock market scam.
According to the one-month investigation, hundreds of advertisements were active in September across at least 15 Facebook pages.
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These ads directed users into WhatsApp groups set up under the names of two legitimate brokerage firms—City Brokerage Limited (CBL) and BRAC EPL Securities. At least 20 groups were identified, with more than 3,000 combined members.Once inside, users were guided to fake websites or Android apps, where they were instructed to deposit money through banks and mobile financial services such as bKash and Nagad.
Instead of being routed through legitimate brokerage accounts, the funds were transferred directly into personal accounts controlled by fraudsters.
Some of the advertisements even featured names and images of prominent figures, including Interim Government Chief Adviser Muhammad Yunus and economist Zahid Hussain, to appear more credible.
Officials of the affected brokerage firms said they have informed the Bangladesh Securities and Exchange Commission (BSEC) and the Criminal Investigation Department (CID) about the scheme.
While the BSEC has issued a cautionary notice, most groups remain active, with new ads continuing to appear on Facebook.
How the scam works
The Dismislab investigation found that once users enter these WhatsApp groups, they encounter staged conversations praising the scheme and fabricated screenshots showing high returns.
Victims are encouraged to start with small investments. When they see apparently positive results on the fake platforms, they are persuaded to deposit larger sums. The process often follows a similar pattern: victims are told they have earned substantial profits but cannot withdraw unless they pay additional charges such as taxes or processing fees.
Once the payments are made, the scammers block the victims and disappear with the money.
Role of technology
The fraud relies heavily on digital tools. Ads on Facebook and Instagram funnel people into WhatsApp groups, while Google Play is used to distribute fake trading apps.
Dismislab noted that many group administrators use Bangladeshi SIM numbers but operate under suspicious registrations.
Messages often show signs of automation and AI-based translation, suggesting a reliance on artificial intelligence to maintain the appearance of activity. Mobile financial services have also become a central part of the scheme.
When contacted by Dismislab, Zahid Hussain pointed out that while providers may not be legally accountable, they carry a moral responsibility because their platforms are being misused for fraud.
bKash has stated that it monitors suspicious transactions and cooperates with investigations, according to Dismislab.
Scale of the operation
Evidence gathered by Dismislab indicates the scam involves both domestic and international elements.
Of 29 phone numbers linked to group administrators and "experts", investigators attempted to call 23 directly and 12 via WhatsApp, but none were answered.
In one case, an investigator was removed from a group shortly after joining.
Dismislab quotes Ahsanur Rahman, CEO of BRAC EPL, as saying, "Many people are joining and trusting these groups after seeing their name and logo.
This not only puts investors at risk but can also damage the reputation of the institution." Despite warnings, the networks are still expanding.
On 26 September alone, four new WhatsApp groups were created beyond those already tracked in the investigation, the platform noted.
