Dhaka, Apr 16, 2026 — The Criminal Investigation Department (CID) has arrested a member of an organized fraud ring accused of impersonating a reputed trading company to swindle money from the public.

The detainee, Md. Tajul Islam, 31, was arrested on Wednesday from Kallyanpur under Mirpur Model Police Station by a Cyber Police Centre (CPC) team of the CID, according to a press release. 

He is a suspect in a case filed with Mohammadpur Police Station under sections 406 and 420 of the Penal Code.

According to CID, the gang used fake logos and names of well-known trading firms and lured victims through WhatsApp and social media with promises of guaranteed profits in stock trading using AI-based software.

Victims were first shown small profits to build trust and later persuaded to invest larger sums.
In one case, a victim was defrauded  of over TK 20.18 lakh in phases through multiple bank accounts. The gang also used names and images of prominent economists and former World Bank officials to gain credibility.

Investigators said the syndicate operated fake online trading platforms and laundered funds through bank accounts and crypto currency wallets. 

Tajul Islam allegedly collected bank accounts and cards from individuals and supplied them to the group for transactions.

During initial interrogation, he confessed his involvement and admitted that part of the fraudulent money was transferred to his own account. He has also given a confessional statement in court under Section 164.

The CID said the investigation is ongoing and efforts are underway to arrest other members of the ring. 

Authorities have urged the public to verify the authenticity of trading platforms and avoid financial transactions through unverified links or unknown social media groups.