Bangladesh’s Criminal Investigation Department (CID) has arrested one suspect linked to a major online fraud ring that used the name and logo of a reputed trading company to deceive investors. The suspect, Md. Tajul Islam, 31, from Barishal’s Bakerganj area, was detained in Dhaka’s Kalyanpur neighborhood by the CID’s Cyber Intelligence and Risk Management Team. The group allegedly swindled over 2.1 million taka from victims by promising guaranteed profits through an artificial intelligence-based trading software.

According to the case filed on April 5 at Mohammadpur Police Station, the scam began with a Facebook advertisement featuring names and photos of well-known economists and a former World Bank official to gain public trust. Victims were added to WhatsApp groups and encouraged to invest increasing amounts after initial small returns. Investigators found that Tajul Islam supplied bank accounts and debit cards used to launder the stolen funds.

CID officials said the cybercrime network operates beyond Bangladesh and that efforts are ongoing to locate other members. Authorities urged the public to verify online investment offers and report suspected fraud to local police or the Cyber Police Center.