Police arrested five Chinese and one Taiwanese nationals from a Cox’s Bazar hotel on Thursday night over their alleged involvement in online gambling and fraud, recovering 1,938 iPhones and dozens of laptops.
They were detained during a raid at Hotel Sea Palace in Cox’s Bazar town, Additional Superintendent of Police Md Ahidur Rahman said today.
He said the raid was conducted based on information provided by Dhaka Metropolitan Police following a complaint filed with Ramu Police Station.
A case has been filed against the detainees over allegations of online fraud and cybercrime, the police officer said. The case also mentions 250-300 Chinese and Taiwanese nationals as unidentified accused.
The arrestees are Taiwanese national Wei Ching Wen and Chinese nationals Xu Yangfan, Yan Changsheng, Xu Hajyang, Wu Jianxiong and Zhang Zheming.
According to the police complaint, around 250-300 Chinese…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.