United News of Bangladesh

The Asian Development Bank (ADB) has warned people in Bangladesh against fraudulent schemes that are using the bank’s name and logo to offer fake loans in exchange for fees. ADB said it does not provide loans, funds or financial assistance directly to individuals. It also never asks people to share personal financial information or make payments through mobile financial services or any other channel in return for financial assistance. The warning comes following reports that fraudsters have created fake websites, Facebook pages, social media accounts and other deceptive materials impersonating ADB and its officials. According to the Manila-based multilateral lender, the scammers are using ADB’s name and logo to mislead people and solicit money, although the bank has no connection with such activities. ADB urged members of the public to remain vigilant and ignore any offers claiming to provide ADB loans or direct financial assistance. It also advised anyone approached by individuals or groups making such claims to report the matter to the appropriate authorities. The bank reiterated that it works with the Government of Bangladesh and private sector organisations to finance development projects through established and transparent business processes. “Any person claiming to represent ADB and offering loans or financial assistance directly to individuals is acting fraudulently,” the bank said. ADB has advised people seeking more information about scams involving its name, officials or offices to consult its official scam advisories.

The Counter Terrorism and Transnational Unit (CTTC)  conducted a special operation and arrested two alleged members of the International Financial Scammers from Sirajgonj district.   The arrestees were identified as  Md. Ziaul Haque,34, and 2. Md. Sajid Hasan Setu,28.  Based on secret information, a team of Cyber Crime Investigation Division under the CTTC carried out a drive at around 5:30 am on Tuesday and arrested the duo.  Read:DB arrest 5 for leaking bank recruitment test questions The two were accused of embezzling large amounts of foreign currency through fraudulent transactions at a foreign investment consulting firm, says a press release of the Dhaka Metropolitan Police. Victims of financial fraud used to provide personal information as well as bank account information as part of the account opening process at the investment consulting firm. As part of the account verification, the company temporarily pays the amount of one dollar against each newly registered account to the bank account attached to that account. Once the verification process is completed, the money is returned to the account of the organization within 2/3 days.  During preliminary interrogation, it was revealed that the detainees had taken advantage of the financial institution's account authentication process. They used to buy Social Security Number with fake name and address and anonymous account of foreign bank using Perfect money, WebMoney, payoneer account etc. from various domestic and foreign fraudsters through various social media. Using this information purchased online, they used to create 300/400 fake accounts of that investment consulting firm against each bank account. Thus, if the money for 300/400 account verification was deposited together in a specific bank account, the fraudulent used to transfer the money to another bank account before the money was returned to the concerned institution.  Read:4 arrested over attack on Noakhali temples To accomplish this process they mainly used to use international mobile banking platforms like GO2Bank, Chime Bank etc. This fraudulent group has so far initially admitted that it has embezzled thousands of US dollars by creating numerous fake accounts.  This new type of fraud is known as "New Account Fraud".  A case has been filed against the arrestees at the Ramna Thana Digital Security Act.