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Police Detained 3 on Ponzi Scheme Allegedly Linked to Investment Organization

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Several organizations have been found involved in fraudulent activities in the stock market, targeting investors by falsely listing companies and engaging in fraudulent practices. They instill fear in various companies by falsely listing them through investor organizations, and subsequently, through legal notices, threaten to retaliate against companies planning initial public offerings (IPOs). The leaders of these organizations then demand bribes. The Dhaka Metropolitan Police’s (DMP) investigation has uncovered such information.

Friday night saw raids in multiple areas of the capital based on intelligence, leading to the arrest of three members of a cartel involved in market manipulation and spreading rumors. Additional Commissioner (Detective) of Police Mohammad Harun-or-Rashid confirmed this information at a press conference held on Saturday (April 27) afternoon.

The share market, where investors are targeted by various organizations, includes the Bangladesh Investors’ Unity Council, the Bangladesh Investors’ National Foundation, the ICB Investor Foundation, the Chittagong Investors’ Forum, and others. Allegations have surfaced that these organizations, through a few individuals, engage in fraud under the guise of ordinary investors, despite having no affiliation with them.

It has been revealed that various companies are targeted for extortion by instilling fear through investor organizations. Among them, if allegations are made against the chairman of BSEC, their IPO will be canceled, they will be defamed, and the media will publish negative news about them, creating fear. Additionally, a legal notice team has been formed. Initial legal notices are sent to companies planning IPOs, followed by demands for bribes threatening to tarnish the names of these organizations.

The arrested individuals are Md. Amir Hossain alias Nurnurani (37), Nurul Haque Harun (52), and Abdul Kaiyum (39).

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Chief of DB Harun-or Rashid said in a press conference that three members of a cartel involved in market manipulation and spreading rumors have been arrested based on intelligence obtained through online and social media platforms. They listed various shares in the stock market and engaged in fraudulent activities. Their aim was to destabilize the country’s stock market through various means. Everyone needs to be vigilant about these organizations. If anyone engages in extortion, they will face legal consequences, he advised.

He said, “The stock market is a sensitive place, intricately linked with the country’s economy. Many ordinary investors invest their savings here. There is a high risk of suffering losses here. A selfish cartel has been trying for a long time to destroy the stock market and the country’s economy. They are spreading various false, misleading, and intimidating information through secret groups on Facebook, WhatsApp, and Telegram to harass ordinary investors for their own interests. They are creating volatile situations under the guise of protests using ordinary investors. Bangladesh Securities and Exchange Commission (BSEC) has filed a case at Ramna Model Police Station against various important figures, including the Chairman of the Commission, for providing false and misleading information through Facebook, WhatsApp, and Telegram groups, causing financial losses to ordinary investors.”

The arrested individuals spread false and misleading information in various Facebook, WhatsApp, and Telegram groups to increase the price of various shares and sell them at high prices to ordinary investors and use secret WhatsApp/Telegram groups for this purpose. Members of these groups have to pay a specified fee to join. In case of profit, they do not share the profit.

According to the Bangladesh Securities and Exchange Commission Act, it is illegal to provide information about any share price. Amir Hossain alias Nur Nurani (pretending to be Nurul Haque Harun) has 11 cases under the Explosive Substances Act and Special Powers Act. Nurul Haque Harun, a member of the Bangladesh Investors’ Unity Council, colluded with various members of the organization to extort companies.

Additionally, Abdul Kaiyum is associated with Royal Capital Brokerage House. He provides information about various shares in WhatsApp and Telegram groups.

The arrested individuals spread false and misleading information to increase the price of various shares and sell them at high prices to ordinary investors, using Facebook, WhatsApp, and Telegram groups. They create volatile situations using ordinary investors under the guise of protests. They list various companies in the stock market and extort them for various issues. They start online propaganda if they don’t get extortion money. They even attack company offices.

The arrested individuals spread false and misleading information about various shares in the stock market to increase their prices and sell them at high prices to ordinary investors. They use secret WhatsApp/Telegram groups for this purpose. Members of these groups have to pay a specified fee to join. In case of profit, they do not share the profit.

The Dhaka Metropolitan Police’s Cyber ​​and Special Crime Division has always been working to protect the interests of ordinary investors. Regular monitoring and cyber patrols are being conducted online. Campaigns are ongoing to prevent anyone from benefiting from creating volatile situations in the stock market, causing fear to ordinary investors.

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Weekly U.S. Stock Market Report Shows Diverse Performance

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In a mixed week for the U.S. stock markets, the Nasdaq Composite saw a significant uptick, closing with a gain of 235 points at 16,690. Conversely, the S&P 500 managed a slight increase of just 1 point, ending at 5,304, while the DJIA Index experienced a substantial decline of 970 points, finishing at 39,069. The Russell 3000 Index recorded a modest drop of 5 points, closing at 3,026, and the Russell 2000 Index fell by 26 points to end the week at 2,069.

Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 235 points, reaching a closing value of 16,690 points by the end of the week. Similarly, the S&P 500 index showed a negative trend, adding 1 point to settle at 5,304 points. Meanwhile, DJIA Index experienced a notable drop, adding 970 points during the week and concluding at 39,069 points after a week of gain.

In contrast, Russell 3000 Index saw a gain in week performance, with a slight drop of 5 points to reach 3,026 points by the end of the week.

Moving to Russell 2000 Index, demonstrated a notable drop of 26 points, ending the week at 2,069 points.

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European Stocks Shows Negative Result on the Outgoing Week

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In the Outgoing week, the European stock market displayed a losing performance.

Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a loss of 2.77 points to close at 520.57.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 103 points or finishing the session at 8,317.

In Germany, the DAX 30 index, dip by 75 points to reach 18,693, while France’s CAC 40 decreased by 73 points to stop at 8,094 at the end of the trading day.

Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 908 points to 34,490. However, Spain’s IBEX 35, dropped by 81 points, to close at 11,246.

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South Asian Stock reports varied performance in the Past Week

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A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 1,493 points during the week. At the end of the week, the index stood at 75,410 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 491 points last week. At the end of the week, the index stood at 22,957 points.

Pakistan Stock Exchange Index ‘KSE 100’, adds 683 points last week. After a week of gaining, the index settled at 76,008 points.

On the other hand, The Sri Lankan stock market index hiked, and the Colombo Stock Exchange index ‘ASPI’ increased by 35 points in a week. After a week the index settled at 12,348 points.

Bhutan’s stock market index ‘BSI’ lost 10 points hence the index stood at 1,496 points throughout the whole week. Nepal’s ‘NEPSE’ added 113 points, therefore the index stands at 2,131 points.

Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ dropped by 205.2 points or 3.72 percent, in the outgoing week. At the end of the week, the index stands at 5,312 points.

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