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The Dhaka Stock Exchange (DSE) has warned investors against rising stock market scams being carried out through social media platforms, urging them to avoid fraudsters promising unrealistic profits.

Speaking at a press briefing on Tuesday, DSE Acting Managing Director Mohammad Asadur Rahman said criminal groups are misusing the bourse’s name, logo, and office address to create fake WhatsApp groups and defraud unsuspecting people.

He revealed that one such group, operating out of Narayanganj, has already been identified by intelligence agencies. The DSE filed a case with Khilkhet Police Station on August 3, and law enforcement agencies are investigating.

“There is no opportunity to trade in the stock market without licensed stockbrokers, stock dealers, or mobile apps approved by the stock exchange. I urge everyone not to be lured into trading through any other means,” Rahman said at the briefing, held at the CMJF auditorium in Dhaka.

How the scam works

Fraudsters typically lure victims by taking small deposits and quickly returning a portion as “profit” to build trust. For example, an investor may be asked for Tk 4,000, of which Tk 2,000 is returned within two days. Later, the fraudsters demand Tk 40,000, claiming technical issues, followed by further requests for money. Once larger sums are received, they cut off communication and disappear.

“There is no possibility of guaranteed profits in the stock market,” Rahman stressed.

DSE awareness drive

To raise awareness, the DSE has notified the securities regulator, brokerage houses, Central Depository Bangladesh Limited (CDBL), banks, and other relevant organisations. Investors have also been urged to verify any suspicious offers using contact numbers listed on the official websites of the DSE, Chittagong Stock Exchange (CSE), and Bangladesh Securities and Exchange Commission (BSEC).

Rahman noted that several fraudulent groups, particularly on WhatsApp, are actively targeting investors, and the DSE has already gathered evidence of their activities.