Narayanganj-based group using WhatsApp for investment fraud identified: DSE
Earlier, TBS published a report highlighting fraud schemes carried out through mobile apps
Highlights
- DSE warns investors of a new WhatsApp fraud scheme
- A Narayanganj-based group is using fake online platforms to lure people
- They are promising high returns of up to 100% in just 15 days
- The DSE is urging investors to only use licensed brokers
- A police complaint has been filed to stop the fraudsters
- DSE warns that the scam is hurting the market's reputation
Intelligence agencies have identified a Narayanganj-based WhatsApp group behind fraud schemes targeting investors, Dhaka Stock Exchange (DSE) acting managing director Mohammad Asadur Rahman said today (26 August).
While talking at a press conference at the Capital Market Journalists' Forum (CMJF) auditorium, Asadur urged investors not to fall prey to fraud rings that lure people with promises of high returns through WhatsApp, Facebook and other social media platforms.
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"There is no opportunity to trade in the stock market without using licensed stockbrokers, stock dealers and mobile applications approved by the stock exchange. Therefore, I urge everyone not to be tempted into trading in any other way," he said.
"A group is using the logos and addresses of the Bangladesh Securities and Exchange Commission and both stock exchanges on WhatsApp and Facebook. This is completely illegal and a punishable offence," Asadur added.
He noted that the ring has been deceiving people by promising quick profits and taking their money.
"Many are being cheated in this way. To prevent such fraud, a complaint was filed at Khilkhet Police Station on 3 August. Letters have also been sent to all stakeholders and all offices in the DSE building to raise awareness. Additionally, a letter was sent to the BSEC requesting the involvement of law enforcement agencies," he said.
The acting DSE chief also mentioned that a general diary (GD) has been filed again at Khilkhet Police Station as part of efforts to alert investors.
"The confidence of investors in the stock market is growing. But due to these fraud rings, the image of the stock market is being damaged. Therefore, everyone must remain vigilant," Asadur said.
"Law enforcement agencies are active in tracking down the fraudsters. So, I say to this ring, those of you who have taken money from ordinary people, return it to them. At the same time, I request investors to verify any transaction by calling the numbers provided on the websites of DSE, CSE and BSEC before engaging," he added.
Earlier, TBS published a report highlighting fraud schemes carried out through mobile apps.
The report emphasised how small investors are once again being lured into dangerous traps with promises of extraordinary returns as some so-called investment platforms on WhatsApp groups and mobile apps are offering shares of listed companies, guaranteeing between 50% and 100% profits in just 15 days.
