Bangladesh Bank Warns Against Crossmarket AI Investments

Reinforcing digital financial security standards, cyber-data privacy protection, and regulatory fintech oversight, Bangladesh Bank has issued a public warning against illegal investment collection conducted through the online platform 'crossmarket.ai'. The central bank stated that investing or conducting any transactions through such unauthorized platforms without central bank approval is illegal and punishable under existing laws.

According to a special warning notice published recently, illegal investment collection and financial transactions are being carried out via 'crossmarket.ai'. Depositing money or transacting on platforms unauthorized under the 'Payment and Settlement Systems Act, 2024' is a punishable offense, leading general investors to unwittingly become involved in unlawful activities. Citizens are strongly advised to refrain from investing or making transactions on 'crossmarket.ai' or any similar unauthorized online platforms to safeguard their hard-earned money.

Earlier, Bangladesh Bank alerted the public against unauthorized lending operations run via mobile applications, online platforms, and social media groups. The Bangladesh Financial Intelligence Unit (BFIU) observed that various digital platforms are enticing users with promises of easy, quick loans. These apps collect sensitive personal data—including contacts and photos—and later resort to intimidation, privacy violations, and extortion under the guise of loan recovery, posing severe threats to financial security and personal privacy.

The central bank clarified that lending in Bangladesh is a strictly regulated activity. Operating lending services via mobile apps or digital channels without central bank approval and compliance with applicable laws is illegal. Under the Money Laundering Prevention Act, 2012, embezzling funds through fraudulent loan operations is a punishable offense.

The 31 unauthorized apps identified by BFIU include: Sathi Loan, Popcash, Fincash, Quick Loan, Quick Taka, Dhaka Fin, Loanvibe, Dosto Loan, Taka Cash Loan, Keonja Loan, SSH Money, Loanbuddy, Sathi Loan, Cashhoro, Alo Cash, Fast Loan, Easy Taka, Dhairya Loan, Fin Dot Do, Bongocash, Asha Loan, Suvidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Sohoj Loan, Cash Loan, Sonali, Loanhat, and Takanow.

Bangladesh Bank provided four specific recommendations for consumers:

• Refrain from taking loans from any mobile app, website, or online platform.
• Avoid engaging in illegal lending activities linked to fraud or money laundering.
• Do not provide NID, bank account, or sensitive phone data to unfamiliar apps or platforms under the lure of loans.
• Exercise caution if advance money, processing fees, or registration fees are demanded for loans.

If defrauded or aware of such unauthorized platforms, citizens are requested to lodge written complaints via the BFIU website or directly to the Director's Office of BFIU at the Bangladesh Bank Head Office in Motijheel.
//DBTech/DPB/SM/BPO//