Written by The Banking Post
Online fraudsters are running rampant on Bangladeshi social media, duping investors with promises of quick, sky-high profits from stock trading — often using doctored endorsements from prominent figures and institutions.
The scammers flood Facebook with slick ads, then funnel victims into WhatsApp or Telegram groups where they pitch bogus trading apps. One group has even advertised a new app launch for September 20, ignoring repeated alerts from the Bangladesh Securities and Exchange Commission (BSEC) and the Dhaka Stock Exchange (DSE).
Frustrated by its inability to shut the scams down, the BSEC has asked the National Telecommunication Monitoring Centre (NTMC) — a government intelligence agency — to intervene. Whether the NTMC has responded is unclear, as the schemes remain active.
An investigation shows con artists routinely exploit images of Nobel laureate and Chief Adviser Muhammad Yunus, economist Dr Zahid Hussain, and logos of major brokerages such as BRAC EPL to lend credibility. Victims are lured with AI-generated ads offering returns of 300–500%, supported by fake dashboards and staged videos of “profits.” Small early withdrawals build trust before fraudsters pressure targets to invest more. When larger withdrawals are requested, victims face fabricated “taxes,” “verification fees,” or “wallet upgrades” — until the scammers vanish, often routing money through crypto or informal transfers.
The tactic has caused multibillion-dollar losses worldwide, with cases reported in the US, India, the UK, Singapore, and Nigeria.
BSEC officials admit they lack the tools to block such schemes. A recent letter from its Market Intelligence Department urged the NTMC to dismantle a detected WhatsApp ring and trace its members, warning that AI-driven campaigns are proliferating across many channels.
Experts say piecemeal crackdowns won’t work: “Only a coordinated, technology-powered response can stem this tide,” one analyst noted.
