{"id":875,"date":"2023-08-20T14:37:51","date_gmt":"2023-08-20T08:37:51","guid":{"rendered":"https:\/\/en.dainikbiswa.com\/?p=875"},"modified":"2023-08-20T14:37:51","modified_gmt":"2023-08-20T08:37:51","slug":"mtfe-has-snatched-thousand-crores-of-taka-thousands-of-youths-have-been-trapped","status":"publish","type":"post","link":"https:\/\/en.dainikbiswa.com\/index.php\/875\/corruption\/mtfe-has-snatched-thousand-crores-of-taka-thousands-of-youths-have-been-trapped\/","title":{"rendered":"MTFE has snatched thousand crores of Taka \/\/ Thousands of youths have been trapped"},"content":{"rendered":"

\/\/online news desk\/\/<\/strong><\/span><\/p>\n

After Destiny, Dubai-based organization Metaverse Foreign Exchange (MTFE) has grabbed around 1000 million rupees in the name of MLM business. Millions of youth of the country are involved in this fraud of the MLM company.<\/p>\n

The problem started with a so-called system upgrade two weeks ago. Since then users were not able to withdraw any money from the app.<\/p>\n

The app started showing negative virtual accounts of almost all users last Thursday night. The unregulated company claimed huge losses following automated transactions on behalf of customers.<\/p>\n

MTFE claimed that they were a registered company in Canada. Its operations also spread to Sri Lanka, Nigeria, Pakistan and India.<\/p>\n

The consequences are the same for users in these countries.<\/p>\n

According to sources, the app has recently become incredibly popular with the opportunity to trade cryptos, forex, commodities and even foreign stocks on its shadow platform. The app invites users to earn money in an incredibly easy way by talking about earning and payouts from trading.<\/p>\n

There is no clear information on how many people in Bangladesh have been defrauded by this scheme.<\/p>\n

However, the leaders of various groups of customers estimate that this number may be between one lakh and five lakh. According to them, investors have made thousands of crores of rupees in this case.<\/p>\n

As per the prevailing rules of Bangladesh, conducting MLM business and dealing in crypto currency is illegal and prohibited. Despite this, an investment of at least $500 will result in a profit of Rs.5,000 at the end of the day\u2014hundreds of people invested in this company for the greed of such fabulous profits. Many also invested by pledging jewelry and valuables.<\/p>\n

They used to take money through mobile banking or Binance through the app. Later local agents used to smuggle it out. Students in Bangladesh were targeted for profit.<\/p>\n

For ordinary investors, the trading of this company was conducted five days a week from 7 pm to 1 am Bangladesh time. While general investors trade every Monday through Friday, CEOs trade six days a week, including Saturdays.<\/p>\n

Closed on Sundays. Information obtained from talking to victims and related persons.<\/p>\n

When asked, Commerce Secretary Tapan Kanti Ghosh told Kal Kantha yesterday that MLM business is illegal in Bangladesh. The company involved in this fraud is not even a domestic company. Ministry of Commerce does not deal with MLM. Working on digital commerce. But BTRC, Bangladesh Financial Intelligence Unit of Bangladesh Bank takes care of the matter.<\/p>\n

Mohammad Saeed Ali, head of the Central Digital Commerce Cell of the Ministry of Commerce, said, “The Ministry of Commerce does not have a separate authority to supervise the MLM trade. But if we get any complaint, we stop the operation by telling BTRC.<\/p>\n

According to the sources of the Ministry of Commerce, the Ministry’s Export Division has been working on the MLM Act for a long time. However, the officer in charge of this department. Abdur Rahim Khan’s statement was not available.<\/p>\n

According to cyber analysts, this Dubai-based company was doing business in Multilevel Marketing or MLM Ponzi model. The company had significant number of investors from India and Bangladesh. But most of them are Bangladeshi investors.<\/p>\n

What investors are saying<\/strong><\/p>\n

In Comilla’s Muradnagar, MTFE, an organized fraudster has extorted nearly one crore rupees from over half a hundred youths in the clutches of foreign apps.<\/p>\n

Ahmed bin Shamim, son of Abu Isa of Dhamgarh village of Dhamgarh union of Muradnagar upazila, first brought this app. He introduced Golam Maulana Titu, son of Abdur Rashid of Gunjore village, as the team leader of this app. Later in this upazila, a gang organized under the leadership of Titu worked in MTFE.<\/p>\n

The scammers used to open WhatsApp groups with customers and share information with the app.<\/p>\n

This app created a storm among the youth in various villages including Bhangra, Paiyab, Nahal Choumumni, Pinglabari Gaituli area of Muradnagar.<\/p>\n

Ramzan and Nahid Hasan, victims of Dhamgarh village, said, “We didn’t know anything about this app. Ahmed bin Shamim introduced us to this app. Then he said, there is no risk of loss if you invest here. If you invest 1 lakh taka, you will get 2000 taka profit per day.<\/p>\n

We invest money in this app, but within a few months our balance is zero.<\/p>\n

However, Golam Mawla Titu commented, ‘I am not the owner of this app, the app belongs to a foreign company. Those who did it did it knowingly. All businesses have profit and loss.<\/p>\n

Meanwhile, a young man named Kalam, who invested Tk 100,000 a month ago, said that he believed the words of a person named Akhtar and invested money in this app.<\/p>\n

 <\/p>\n\n","protected":false},"excerpt":{"rendered":"

\/\/online news desk\/\/ After Destiny, Dubai-based organization Metaverse Foreign Exchange (MTFE) has grabbed around 1000…<\/p>\n","protected":false},"author":1,"featured_media":876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[14],"tags":[],"class_list":["post-875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corruption"],"yoast_head":"\nMTFE has snatched thousand crores of Taka \/\/ Thousands of youths have been trapped | Daily World News<\/title>\n<meta name=\"description\" content=\"MTFE has snatched thousand crores of Taka \/\/ Thousands of youths have been trapped\" \/>\n<link rel=\"canonical\" href=\"https:\/\/en.dainikbiswa.com\/index.php\/875\/corruption\/mtfe-has-snatched-thousand-crores-of-taka-thousands-of-youths-have-been-trapped\/\" \/>\n<meta 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