Two men are sitting in a Dhaka jail cell after Bangladeshi police arrested them for running one of the world's most notorious cryptocurrency scams.

Nazrul Islam Mamun and Zahirul Islam Zahir were taken into custody on Wednesday, June 15th around 10pm by officers from the Dhaka Metropolitan Police Counter Terrorism Unit. They stand accused of promoting OneCoin, Ilgamos, and ImpaxGold—three schemes that authorities characterize as Ponzi operations disguised as legitimate investment opportunities.

The arrests came after a sustained investigation by the DMP's Counter Terrorism Unit working alongside the Cyber Security and Cyber Crime Intelligence agencies. Police say Mamun and Zahir deceived members of the public by collecting "large sums of money" through the promotion of these schemes.

Here's how they did it: victims gave money to the two men in exchange for IDs they were promised to collect later. It's a classic con. These schemes—OneCoin in particular—rely on enrolling new recruits who pay to join. Early investors make money. Everyone else loses it.

The men targeted victims through hotel presentations, a tactic police say is "renowned for providing the general public with false information about businesses." They would gather prospects in hotel rooms and pitch the schemes as legitimate business opportunities.

OneCoin itself has emerged as one of the largest cryptocurrency frauds in history. The scheme, which promised investors returns through buying and trading the digital currency, was exposed as a con by authorities worldwide. Its founder, Ruja Ignatova, fled Bulgaria in 2017 and remains a fugitive. Investigators estimate OneCoin defrauded victims of billions of dollars globally.

Bangladesh, a country of 171 million people in South Asia, has become ground zero for online financial crimes in recent years. The schemes prey on people seeking quick investment returns, offering the promise of wealth through cryptocurrency—a space many ordinary investors don't fully understand.

During interrogation, Mamun and Zahir admitted to their roles in the schemes. Police documented how they systematized the deception, recruiting victims and collecting payments for fraudulent digital currency IDs.

The DMP has filed a formal case against both men at Ramna Police Station. Officers say they are "taking necessary measures to stop these sites," though shutting down such operations remains difficult. The schemes operate across borders through websites and encrypted messaging platforms, making enforcement challenging.

This arrest represents one of the rare instances where OneCoin promoters have faced real consequences. In most countries, OneCoin operators have either fled or operate from jurisdictions with limited law enforcement. The Bangladesh police action signals growing willingness by authorities in developing nations to confront these transnational frauds.

Both men remain in police custody while the investigation continues.

🤖 Quick Answer

Who were arrested in Bangladesh for promoting OneCoin?
Nazrul Islam Mamun and Zahirul Islam Zahir were arrested by Dhaka Metropolitan Police Counter Terrorism Unit on June 15th. They faced accusations of promoting OneCoin, Ilgamos, and ImpaxGold—three cryptocurrency schemes classified as Ponzi operations. Authorities alleged they deceived the public by collecting substantial sums of money through these fraudulent investment opportunities.

What agencies were involved in the investigation?
The Dhaka Metropolitan Police Counter Terrorism Unit led the investigation in collaboration with Cyber Security and Cyber Crime Intelligence agencies. This multi-agency cooperation resulted in the arrests of the two suspects accused of operating cryptocurrency scams disguised as legitimate investment schemes.

How were these schemes characterized by authorities?
Bangladeshi authorities classified OneCoin, Ilgamos, and ImpaxGold as Pon

🔗 Related Articles

- Quinex Ponzi collapses, Coinage Bits recovery scam
- Bellator rolls out “Cha-ching by Iterato” Ponzi app
- OmegaPro securities fraud warning from Nicaragua
- OneCoin to hold Global Mastermind event in Bali, dupes Indo govt
- Mining City lying about Philippine SEC registration?