The Criminal Investigation Department (CID) of Bangladesh Police has arrested two suspected members of a fraud ring accused of deceiving people through fake foreign investment schemes promoted on the messaging platform Telegram.
The arrested suspects were identified as Ranjit Basak Raunak, 25, and Palash Chandra Basak, 40.
Confirming the arrests on Monday, 27 January, CID Special Superintendent of Police (Media) Jasim Uddin Khan said Ranjit was apprehended around 8:30pm on Sunday from Thakurgaon, while Palash was arrested at approximately 2am on Monday from Dinajpur.
According to CID officials, a case linked to the fraud network was filed at Paltan Police Station on 4 September. Earlier, the alleged mastermind of the operation, Fardin Ahmed, also known as Pratik, 25, along with his associate Md Sagar Ahmed, 24, were arrested in connection with the same case.
Both suspects later gave confessional statements before the court under Section 164 of the Code of Criminal Procedure, naming additional members of the gang. Based on those disclosures, Ranjit and Palash were subsequently taken into custody, CID officials said.
Preliminary investigations revealed that the fraud ring had been operating for an extended period by creating fake Telegram groups using the names of foreign investment platforms and other attractive titles. The groups promised unusually high returns within a short timeframe to lure unsuspecting victims.
Once individuals joined the groups, several pre-added accounts would post fabricated messages claiming they had earned significant profits. CID investigators said these accounts were controlled by gang members and were used to create a false sense of credibility.
Victims were then instructed to transfer money to various bank and mobile financial service (MFS) accounts. In many cases, the accounts were registered under third-party names, with some account holders unaware their details were being misused. The fraudsters allegedly used these accounts to move and embezzle the funds, leaving many victims financially devastated.
CID sources further revealed that the gang employed an unusual method to convert the illicit funds into cash. The mastermind allegedly purchased vehicles from car showrooms through bank transfers and later sold them at lower prices, recording losses on paper to facilitate cash withdrawals.
Authorities said this technique was used to discreetly “cash out” the fraudulently obtained money, and investigations are ongoing to identify additional suspects and recover stolen funds.
