A fraud syndicate has been deceiving stock market investors through WhatsApp groups, luring them with false promises of quick profits.
The warning came from Asadur Rahman, Acting Managing Director of the Dhaka Stock Exchange (DSE), at a press conference held on Tuesday.
Capital Market Journalists’ Forum (CMJF) organised the press conference at its office in the capital.
Rahman emphasised that there are no alternatives to DSE and CSE-approved brokerage houses for trading in the stock market.
“Those who are attracting innocent investors through various WhatsApp groups by promising to double their money in a short time will be identified and brought under the law,” he said.
The press conference also revealed that law enforcement agencies have already identified several such fraud rings.
DSE urged investors to stay away from these schemes and warned that without investor awareness, it will be difficult to curb such scams immediately.
Asadur Rahman added that the recent positive momentum in the stock market has rekindled investor interest, which fraudsters are exploiting by creating new WhatsApp groups to trap unsuspecting investors.
He urged investors not to engage in any financial transactions with these scammers.
The DSE further appealed to all investors to remain vigilant against WhatsApp-based fraud schemes when trading in the stock market.
