DSE says ‘fraud ring’ posing as agents under intelligence scanner

Intelligence agencies have identified a fraud ring that lured stock investors with fabricated information and false promises, ultimately swindling them out of their money, according to the Dhaka Stock Exchange (DSE).

Acting DSE Managing Director Mohammad Asadur Rahman said on Tuesday that, with the bourse’s cooperation, the group -- based in Narayanganj -- was identified after duping investors online by claiming to be “authorised DSE representatives”, bdnews24.com reports. 

“They used the DSE’s name, logo and office address to defraud investors through WhatsApp and other digital platforms. We expect them to face legal action soon,” he said at a media briefing organised by the Capital Market Journalists’ Forum in Dhaka.

The group reportedly used artificial intelligence to bolster credibility, offering early profits to bait investors. Victims were asked to transfer funds through bank accounts.

For instance, they initially collected Tk 4,000 from an investor and returned Tk 2,000 as “profit”. Later, larger sums were demanded -- up to Tk 40,000 -- before the fraudsters switched off their phones.

The DSE said it had filed complaints with Khilkhet police on Aug 3 and 26 and warned all brokerage houses. It stressed that only licensed brokers authorised by the DSE or the Chittagong Stock Exchange are legitimate channels for investment.
Asadur urged investors to stay alert, saying carelessness makes them vulnerable to fraud. The DSE advised checking the list of approved brokers published on its website and that of the CSE.