OGS Bangladesh promises high returns of 4-5% monthly, but experts warn it’s a Ponzi scheme targeting investors through deception and financial illiteracy, preying on greed.
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| OGS Bangladesh draws investors with promises of high monthly returns, but its shady operations and recruitment tactics point to it being a Ponzi scheme, experts warn. Image: ChicHue |
Dhaka, Bangladesh, March 11, 2025:
OGS Bangladesh Limited promises an enticing 4-5% monthly return, attracting investors with a mix of high returns and recruitment commissions. However, experts warn it mirrors previous Ponzi schemes like Destiny and Evaly, preying on the uninformed. TBS reports that behind its claims of e-commerce, travel, and real estate, OGS operates a simple Ponzi scheme, using new investor funds to pay returns to previous ones.
The scheme operates by convincing participants to invest and recruit others, offering higher commissions for referrals. Commission agents claim that OGS uses "expert trading" in global markets, but TBS's investigation reveals that no actual trading occurs. Instead, funds are funneled into paying previous investors.
OGS has opened at least 35 offices nationwide, with over 25,000 clients, according to undercover sources. In towns like Cumilla, deposits could amount to over Tk300 crore, creating a pyramid structure where new investors’ money sustains the illusion of profits.
Despite its widespread operation, OGS refuses to confirm its fundraising activities. Fraud experts like Mohammad Shamsuzzoha call it a classic Ponzi scheme, designed to collapse when new funds slow down. OGS continues to thrive due to financial illiteracy and lack of regulation.
TBS’s investigation highlights that OGS is deceiving investors, using fake trading platforms and cash transactions to disguise its fraudulent nature. The company’s masterminds, including Md Monowar Hossain and Md Saidul Islam, have yet to face scrutiny, while the public is urged to be cautious of such high-risk schemes.