Businessman defrauded of Tk 350M; Case filed at Uttara East Police StationAncient “Pillar and Coin” fraud syndicate still active

Members of the “Pillar and Coin” fraud syndicate

For nearly two decades in Bangladesh, a massive fraud operation has been running under the guise of trading ancient pillars and coins. A large, organized syndicate has long been active in the capital. Due to the lack of strong legal action by authorities, hundreds of businessmen have fallen into the trap of this fraudulent gang, losing everything and becoming destitute.

Members of this syndicate operate nationwide, using sophisticated methods to defraud crores of taka. Their traps are so attractive that only victims fully realize the deception after falling into it. They lure targets with promises of overnight wealth—luxury cars, houses, American passports, and billions of dollars in foreign accounts. In some cases, they even stage appearances of a so-called “king of Jinn” to convince clients. In reality, everything is fabricated deception.

According to relevant sources; fraudsters present the so-called “coin” in such an appealing way that it surpasses even commercial advertising techniques. They have several offices in elite areas of the capital such as Baridhara DOHS, Mirpur DOHS, and Bashundhara Residential Areas. They also recruited members and agents across the country. Luxurious Prado jeeps and some attractive women are also used in these operations.

Recently, Uttara East Police arrested four members of this fraud syndicate on Friday. According to the Officer-in-Charge, four members out of 24 accused of this gang were arrested in a case filed by expatriate Bangladeshi Azizul Alam. Efforts are ongoing to arrest the remaining suspects. The arrestees are being interrogated on remand.

However, even inside the police station, the arrestees reportedly threatened to kill the plaintiff, shouting that they would not remain in jail long and would take revenge for damaging their “business.” The plaintiff in the case, Azizul Alam, told this reporter that he was worried even after filing a case due to such veiled threats from the accused inside the police station.

Other members of the “Pillar and Coin” fraud syndicate

Investigating Officer of the case; Sub-Inspector Mahbub Rahman stated that the fraudsters have successfully extorted Tk 350 million from the plaintiff at different times by talking about the business of uranium-rich ancient pillars and coins. They have destituted many others in similar ways. During interrogation, the accused described their fraud strategy. Apart from Azizul Alam, they also provided the names of other victims in their confession. Which makes one shiver when hearing it.

Police said that the syndicate members admitted to living luxurious lifestyles funded by fraud—engaging in drinking, singing-dancing with music and having physical relations with many women. Videos containing such evidence have reportedly been recovered.

This correspondent also found a lot of information, including videos of the fraudsters. The victim, Azizul Alam, has demanded strict measures to prevent the accused from obtaining bail easily.

According to the case statement, the fraud began when a person identifying himself as “King of Jinn Russell” called Azizul Alam, telling him he was extremely fortunate and would obtain a valuable ancient magnetic pillar worth 100 billion dollars. He warned him not to tell anyone. The caller claimed to be speaking from Ajmer Sharif.

Azizul Alam said that he was gradually lured with promises of wealth, women, travel abroad especially in USA. Later, multiple individuals, including those posing as jinn figures and a woman claiming to be Jinn's mother, began extracting money from him through different pretexts. At one point, he was threatened with harm if he did not pay 50 million taka.

He further described that on June 13, 2024, several members of the syndicate visited his office, offered him food and allegedly manipulated him through what he believes was black magic or psychological control. Following this, he transferred large sums of money—including 15 million taka via RTGS and another 10 million in cash—to accounts linked to the syndicate. Over time, they took approximately 150 million taka.

Additionally, they allegedly took 200 bhari gold ornaments belonging to his family, valued at around 50 million taka. Further bank transactions totaling over 205 million taka were made to accounts controlled by the accused. They also took ownership documents of his land in Uttarkhan, worth approximately 160 million taka, under threats.

The victim stated that the fraudsters used different roles like seller, buyer, lookout and employed intimidation tactics, including threats, weapons and claims of supernatural powers, to control victims. Out of fear for his life, he initially did not report about this matter.

After the psychological influence wore off, Azizul Alam regained clarity and realized the mass of the fraud. He then filed a case seeking legal action against the syndicate.

Police sources said that this syndicate has targeted many businessmen and industrialists, defrauding thousands of crores of taka using the “magnet pillar” scheme. Victims are lured with claims that such items are worth billions abroad.

More details regarding this case will be published in the next report.