Three held over 'cryptocurrency transactions' in Savar

Detective Branch (DB) arrested three people on allegations of conducting online financial transactions in the name of cryptocurrency and forex trading in Savar, on the outskirts of Dhaka. Three Android mobile phones were also seized from their possession.

The arrests were made during a raid at Food Library in Madhumati Model Town, Savar, on Monday night (October 26). 

The operation was led by Saiful Islam, officer-in-charge (OC) of the Dhaka District DB (North). A police team, including Sub-Inspector Md Shahadat Hossain, took part in the raid.

The arrestees have been identified as Md Mahbub Alam, 49, and Md Khorshed Alam, 50, both from Shyamnagar upazila of Satkhira district. Police said they had been living in Madhumati Model Town, Savar. The third arrestee was Junayedul Islam Sifat, 20, from the Melartek area of Savar.

According to police, acting on a tip-off, they learned that several individuals were using mobile phones to conduct investment-related activities through cryptocurrency and forex trading at Food Library in Madhumati Model Town. After informing their senior officials, police conducted the raid.

Police said they found information on the suspects' mobile phones indicating the use of cryptocurrency transaction apps and financial activities involving deposits, transfers and withdrawals through bKash and Nagad, two mobile financial services in Bangladesh.

Investigators will examine whether the three seized mobile phones contain evidence linking the suspects to the alleged transactions, police added.
Police further said a case had been filed against the accused under the relevant provisions of the Cyber Security Act at the concerned police station. 

They were produced before a court with a prayer for seven days' remand for interrogation.

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