"This is how scammers have been duping thousands of people using social media platforms and mobile financial services (MFS), a month-long sting operation by Dismislab has exposed. The investigative team joined multiple WhatsApp groups posing as potential investors to follow the scam firsthand. They found at least 20 active groups claiming to represent legitimate brokerage firms, including City Brokerage Limited (CBL) and BRAC EPL Stock Brokerage. Each group guided users through a carefully choreographed process designed to make the operation appear legitimate."
"In the CBL-branded group, members were directed to download a fake Android app that simulated real trading activity. In the BRAC group, they were sent to a fake website that mirrored the branding of the real firm. Users were then instructed to transfer money directly to personal accounts via MFS or banks, bypassing licensed brokerage channels. Some of the ads even used the names and images of prominent personalities, including Zahid Hussain, former lead economist at the World Bank's Dhaka office, to enhance credibility."
Fraudsters lure stock investors with Facebook and Instagram ads promising quick returns, then recruit them into WhatsApp groups staffed by fake experts. Recruits are directed to register on cloned websites or download fake trading apps that simulate real activity. Victims are instructed to transfer funds directly to personal accounts via bKash, Nagad, or banks, circumventing licensed brokerages. At least 20 active groups with combined membership exceeding 3,000 were identified, and hundreds of ads ran from at least 15 Facebook pages in one month. Some ads used names and images of prominent personalities to build credibility. Affected brokerages reported the incidents to BSEC and CID.
Read at The Daily Star
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