Dhaka, March 16 -- All bank accounts of OGS Bangladesh have been seized by the central bank for allegedly running a Ponzi scheme that fools investors with lucrative profits, in a resurgence of MLM frauds.

A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Scheme organizers often promise to invest one's money and generate high returns with little or no risk and with no investment of their own.

The action came following media report on detection of gross irregularities through offering windfall monthly returns to attract investors, in defiance of the rules.

"I have issued an order to seize all bank accounts of that company immediately just after seeing a media report," Bangladesh B...