Crypto scammers and crypto-related fraudsters are eyeing on Bangladesh with the notorious goal of cheating locals and swindling huge amount of cash. In today’s world more than 90 percent of the companies involved in crypto sector are frauds and scammers.
India and Pakistan, which have already allowed transactions in crypto are already flooded by scammers, namely YEM coin, Bank Bene Merenti, OnPassive, OneCoin, EcoX etcetera, while the United States has already become the epicenter of crypto scammers, where dozens of scam companies are operating under the garb of various identities.
Bangladesh government has made crypto illegal according to the Foreign Exchange Regulation Act. The act also states that anyone associated with crypto in Bangladesh will face serious consequences under the Foreign Exchange Regulation Act, 1947; Anti-Terrorism Act, 2009; and the Money Laundering Prevention Act, 2012 (Bangladesh Bank, 2017).
Meanwhile, Bangladesh Bank has asked the public to refrain from trading or assisting in any type of cryptocurrency or virtual currency such as Bitcoin, Binance, Ethereum, Ripple, etcetera.
With the target of getting ban on crypto lifted in Bangladesh, some crypto scam rackets already are already paying local newspapers and getting promotional contents published showing crypto as the “most essential method of international transactions”. But in reality, unless Bangladesh government has formulated a strict law it will be extremely dangerous for the country to open the opportunity to crypto dealers to enter Bangladesh.
But, according to our investigation, a large number of Bangladeshi individuals are already connected to crypto rackets and are secretly operating, while almost all of these crypto companies are frauds and scammers. Additionally, some Bangladeshi nationals are smuggling-out millions of dollars by illegally buying cryptocurrency.
This newspaper has been regularly exposing illegal activities of crypto scam rackets, while it has come to our attention that the United Arab Emirates has already become one of the key epicenters of crypto scammers and fraudsters. Even some crypto scam rackets are continuing activities in Bangladesh under the garb of “diplomatic mission”.
‘Free Republic of Liberland’, a non-existent country though it has its “National Bank” is selling illegal cryptocurrency named ‘Liberland Merit’. On its website, this fraudulent entity has openly announced existence of its “representative” in Bangladesh. According to our investigation, an individual named Rahman Khan is shown as the Liberland representative in Bangladesh, with office at House #10 (A), Road #48, Gulshan-2, Dhaka-1212, Bangladesh. It may be mentioned here that, before opening any representative office or embassy of a foreign country it is mandatory to obtain permission from the Ministry of Foreign Affairs. But, the so-called Liberland representative does not have any such approval from the authorities concerned in Bangladesh, although it is learnt that under the garb of “Liberland” a group of people are directly involved in money-laundering and crypto-related crimes.
Similarly, another scam cartel named ‘Bank Bene Merenti’ also is claiming to have representatives in Bangladesh and has been swindling hundreds of millions of dollars from people by selling its fake ‘YEM coin’.