A company called MTFE has been closed with about 1 billion dollars or about 11 thousand crores in Bangladeshi taka in the name of investment in cryptocurrency. Conversely, customers' accounts show a negative balance. This Dubai-based company used to do business in multilevel marketing or MLM Ponzi model. The company had significant number of investors from India and Bangladesh. However, about 90 percent of this 1 billion dollars belongs to Bangladeshi investors, according to cyber analysts. Originally the 'MTFE' app was spread everywhere from the cities to the villages of Bangladesh.
Ripton Coin, CG Trade and MTFE are one of the most popular platforms to invest online as a means of digital fraud and gain more profit in less time. None of them have any legitimate office of their own in Bangladesh. There are only regional representatives. With a large fixed profit from these representative companies, the people of different classes and professions of the country show the attractive lure of more profit in less time. After opening own account in the company, money is being encouraged to invest.
Following that, thousands of people have been cheated by investing thousands to lakhs of taka through an online app called 'MTFE' and earning more profit quickly. City or village - where every day common people were dreaming of investing money and earning more profit quickly.
Recently, the issue of investors losing their investment through digital fraud of this novel method is spreading everywhere. Everything is coming out about who invested how much money after becoming destitute. As there are no documents suitable for investment, currently all investors in the app are in trouble. All of a sudden the money converted into dollars from the investor's own account from the MTFE app is also gone.
Currently, the app offers more money from each investor's account than the reverse debt load. Different amounts of money in accounts are preceded by a minus sign. By this, those who invested lakhs of rupees with the dream of quick income, are now calmly looking at the mustard flower in their eyes.
However, even though the investors sat in the way, some people called the CEO of the local company became the owners of crores of rupees. People from all walks of life dreamed of more profit and invested through this app.
It is known that foreign app Metaverse Foreign Exchange Group (MTFE) is an online trading based company. A minimum investment of $26 was required to open the account while the app was active. If you invest that money, you will get fixed profit as a percentage every day. The more money in his account, the more profit he will get. Some of the youths were campaigning by showing all these tempting and timely temptations. And with this, people from different classes and professions opened accounts on the app.
In the hope of getting profit without doing any work, some have mortgaged land, some have saved money, some have taken loans and borrowings from various NGOs and invested lakhs of rupees through a person named CEO of MTFE App. Appointed CEOs were paid a fixed amount of commission by the company if they opened an account. Also, the CEO would get a fixed rate of profit from all the people who invest through him.
The victims said that after opening an account in this app, a certain amount of money was deposited on the money spent. Suddenly, when they withdraw money from the account, they find that there is no dollar in the account. Conversely minus sign is given as company will get more money from their account. MTFE disappeared with their money by fraud. In the hope of profit, they have given the burden of the reverse debt.
By this, those who invested lakhs of rupees with the dream of quick income, are now sitting on the road. But many of those who invested early - and those who were clever - took profits. And those who were hoping for more profit or could not withdraw the amount of profit received, they are the most calm.
Nishad Islam Akash of Bazar area of Raninagar Upazila said that he mainly works online. After knowing this, he recently invested 60 thousand rupees in MTFE. He watched four more of his colleagues invest the same amount of money. That company stole their money like everyone else.
A victim of Naogaon city, on condition of anonymity, said, I borrowed and invested 1 lakh rupees in the hope of a little profit. Some days they gave profit on that money. But suddenly a few days ago it stopped withdrawing money from the app. Now I hear they disappeared with the money. Now I am worried about how I will repay the loan.
He further said that the MTFE has given the reverse loan burden in the hope of profit. After deducting all the dollars, a huge number of minus dollars has been handed over to the opposite account. Asked to pay it within 24 hours. After 24 hours today again giving notice on their app that '24 hours have passed you have not paid the loan. You are given another 24 hours. A legal notice will be sent to you if the loan is not paid by then. Otherwise legal action will be taken.'
Alamin, a victim of Shailgachi Union of Naogaon Sadar Upazila, said that someone came and said that if you invest MTFE money, you can get double income. Later I took 60 thousand rupees from an NGO and invested there. Now that app can't be accessed anymore. If I don't get the money, how will I pay the money to the NGO - I don't understand anything.
Naeem, another victim of Meerut Union of Raninagar Upazila, said, I run my family by driving autorickshaws. A few days ago I took a loan from an NGO and invested 25,000 rupees in the hope of making a profit. But they ran away with the money. Now I don't know what to do.
In Mahadevpur Upazila, a person identified as MTFE App CEO named Latiful Liton was contacted on mobile phone. However, he said, he was not the CEO of MTFE app. He said he used to work on the MTFE app on his own with some of his friends.
Rabbi, son of Abdur Rashid of North Rajapur village of Raninagar upazila, who introduced himself as the CEO of MTFE Apps, said that first a person named Latiful of Mahadevpur upazila gave him a link and asked him to work there. Later he entertained there and inspired several people. However, he claimed that no one was shown any temptation.
Rana, the owner of Rana Trardus, another app-based online business dealer in Raninagar Upazila, said that he is not associated with MTFE, but with some international quality companies based on other online apps. He is investing money of investors through proper documents. If his companies go bust in the future, he says he will return the money to investors himself.
Raninagar Upazila Executive Officer Shahadat Hussain said that if the victims report the matter in writing, legal action will be taken against those involved in this activity subject to investigation.
https://www.ittefaq.com.bd/Source
In my opinion we must be careful before investing in Cryptocurrency. There is always risk in this digital currency so if you trade carefully in this market there is less chance of loss so whatever we do then invest wisely. The risk involved in investing is influenced by more incentives.
I hope everyone is well, healthy and safe @stmp04.