Dhaka Stock Exchange (DSE) has issued a warning about the alarming rise in fraudulent online activities targeting stock investors. Scammers have been using the DSE’s name, logo, and office address on platforms such as WhatsApp, Telegram, and Facebook to lure individuals with fake offers of lucrative investment opportunities.
These fraudulent activities have caught the attention of intelligence agencies, which are actively investigating the perpetrators, according to DSE’s Acting Managing Director Mohammad Asadur Rahman. Speaking at a press conference on Tuesday, at the Capital Market Journalist Forum (CMJF) auditorium in Paltan, Rahman underscored the increasing risks faced by investors in the digital space.
Fraudsters are leveraging artificial intelligence (AI) to send messages that appear legitimate, mimicking communications from trusted entities like DSE or authorized brokers. They begin by offering small profits against modest investments to build trust, before promising even larger returns and urging victims to invest more money.
As the scam progresses, the fraudsters create urgency by claiming technical issues on trading platforms that require additional funds to resolve. Once the victims send the money, communication abruptly stops, and the fraudsters block them, leaving them with no recourse to recover their funds.
Rahman confirmed that intelligence agencies have traced a fraud ring based in Narayanganj behind these schemes, and he expressed confidence that legal actions would soon follow. He emphasized that such fraudulent activities are illegal and punishable by law, reiterating that DSE, the Chittagong Stock Exchange (CSE), and regulatory bodies like the Bangladesh Securities and Exchange Commission (BSEC) do not engage in direct investment activities.
“The only legitimate way to invest is through licensed stockbrokers and authorized trading platforms approved by the stock exchanges,” Rahman said, warning that any investment outside these channels exposes investors to significant risks.
In response to the growing concern, DSE has filed complaints with Khilkhet Police Station and issued awareness letters to stakeholders within the DSE building. Rahman also revealed that a formal request had been made to BSEC to involve law enforcement in the investigation. “We need to raise awareness across all levels to prevent further harm to investors,” he added.
DSE’s Chief Regulatory Officer Mohammad Shafiqul Islam Bhuiyan echoed Rahman’s advice, urging investors to verify transactions through the official numbers listed on the DSE, CSE, or BSEC websites. “Always check the legitimacy of transactions before proceeding,” Bhuiyan advised.
While investor confidence in the stock market is on the rise, Rahman cautioned that such fraudulent activities could damage the market’s reputation. “Fraudsters are undermining the trust investors have in the market,” he said. “We must all stay informed to protect ourselves.”
As the investigation continues, Rahman issued a stern warning to the fraudsters: “Return the money you’ve taken from innocent people. The law is coming for you.” He concluded by emphasizing that investor awareness remains the strongest defense against these growing scams.
Md Shafiqur Rahman, DSE Head of Public Relations and Publications, also attended the press conference.