3 of a gang arrested for manipulating stock market: DB

3 of a gang arrested for manipulating stock market: DB

Dhaka, Apr 27 - Members of the Detective Branch (DB) of Dhaka Metropolitan Police (DMP) on Friday, arrested three members of an organised gang involved in manipulating the stock market by spreading false information on social media and online.

The arrestees are Amir Hossain, alias Nurnurani, 37; Nurul Haque Harun, 52; and Abdul Kaiyum, 39.

DB Chief Mohammad Harun-or-Rashid confirmed the matter at a press briefing at the DMP Media Centre on Saturday.

A team of DB Cyber and Special Crime (South), led by Additional Deputy Commissioner (ADC) Saifur Rahman Azad, conducted drives in different areas of the capital on Friday night and arrested them, he said.

The stock market is a sensitive place where many people invest with all their belongings. There is a lot of potential for damage here, the DB chief said, adding that the Bangladesh Securities and Exchange Commission (BSEC) earlier filed a case at Ramna Police Station alleging that a group with vested interests had been influencing investors with false information.

At the continuation of the investigation into the case, the accused were arrested from parts of the capital, added the DB chief.

The arrestees used secret groups on Facebook, Whatsapp, and Telegram to spread false and misleading information. These groups were providing false information related to the stock market, Harun said.

They (arrestees) created an unstable situation by occupying the roads using ordinary investors in the name of movement, he shared.

Moreover, the arrestees often extorted money from the listed companies. If they did not pay, they started online propaganda against those companies. They even attacked the companies’ offices, the DB chief also said.

Warning of strict action against those who try to manipulate the stock market, Harun said drives would continue.-UNB