Dubai-Based MTFE Shuts Down, Leaving $1 Billion Scam

Dubai-Based MTFE Shuts Down, Leaving $1 Billion Scam Trail with Bangladeshi Investors as Victims. Ponzi app MTFE collapses, thousands set to lose everything.

Dubai-Based MTFE Shuts Down, Leaving $1 Billion Scam Trail

In a shocking turn of events, MTFE, a Dubai-based multi-level marketing (MLM) or Ponzi model enterprise, has abruptly ceased its operations, absconding with approximately $1 billion, which translates to around Tk 11,000 crore. Astonishingly, nearly 90 percent of this staggering sum is reported to belong to Bangladeshi investors. The unsuspecting individuals fell prey to the enticing promise of cryptocurrency investments offered by MTFE.

This alarming revelation was brought to light on the evening of Friday, August 18, by multiple cybersecurity experts and analysts. Abdullah Al Jaber, a prominent cybersecurity specialist, revealed that they had been cautioning the public about MTFE for an extended period. Regrettably, the allure of quick profits led people to deposit their hard-earned money into this dubious scheme. It was only three days ago that cybersecurity experts noticed depositors struggling to withdraw their funds, and now, MTFE has completely shuttered its operations.

Mahbubur Rahman, another cybersecurity analyst, minced no words when describing MTFE as an outright “scam.” Notably, MTFE does not maintain any physical presence or office in Bangladesh and lacks any identifiable public face. Instead, they operated through local agents who solicited funds from unsuspecting individuals and, in a classic MLM or Ponzi scheme fashion, encouraged them to rope in others. This sinister operation exploited the enticing world of cryptocurrency, much like the infamous Destiny scam that promised returns from tree investments.

It is imperative to underline that both operating an MLM business and engaging in cryptocurrency dealings are illegal and strictly prohibited under the current regulations in Bangladesh.

As the shockwaves from this massive scam continue to ripple through the Bangladeshi investor community, authorities are expected to launch an intensive investigation into MTFE’s operations. The pursuit of justice and the recovery of lost funds for the countless victims of this fraudulent enterprise will undoubtedly be a top priority.

This unfortunate incident serves as a stark reminder of the risks associated with investments in unregulated schemes and the importance of adhering to legal and regulatory guidelines. As Bangladeshi investors grapple with the aftermath of this billion-dollar deception, the need for vigilance and due diligence in the world of cryptocurrency and MLM investments has never been more evident.

The Rise and Fall of MTFE: Unmasking a Cryptocurrency Ponzi Scheme

In the quest for quick profits in the world of cryptocurrency, MTFE (Metaverse Foreign Exchange Group) emerged as a tantalizing option. Offering a seemingly straightforward path to financial gain – download the app, create a virtual account, deposit cryptocurrency, log in daily for an hour, and watch your investment grow by 30% monthly. Moreover, the promise of even greater rewards through referrals had many flocking to this platform, unaware of the impending disaster.

The Deceptive Allure

MTFE presented itself as an unregulated international broker, effectively concealing its true nature. It attracted tens of thousands of investments in Bangladesh, drawing in users who hoped to profit from their cryptocurrency holdings. However, cracks began to appear in the facade when users reported an inability to withdraw their funds for two weeks. Then, on a fateful Thursday night, the harsh reality hit them like a ton of bricks – substantial and questionable losses in their virtual trading accounts.

Asadur Rahman, an MTFE user in Dhaka, recounted his experience, saying, “I had over a thousand dollars in my MTFE virtual account, and on Friday, it showed my account balance was minus $1,400.”

The Ponzi Unveiled

Desperate to cover their losses, MTFE resorted to seeking new investments from everyone, further compounding the problem. Users reported agents resorting to intimidation tactics, even threatening legal action to extract additional funds. It became evident to many, like Moinul Islam, another victim, that MTFE had been fabricating investment profits or losses all along. In reality, it was a virtual trading environment designed to embezzle money.

Regret and guilt also plagued those who had unknowingly lured friends into this fraudulent platform for referral bonuses. This referral system had fueled the scheme’s spread, ensnaring thousands of unsuspecting individuals, especially in rural areas.

The Tragic Aftermath

Individuals who had climbed the ranks within MTFE, such as Arif Hossain from Gazipur and Manik Bhoumik from Chattogram, found themselves left empty-handed. Promised monthly salaries were nothing but empty words.

Major Mohammad Shamsuzzoha (Retd), a member of the US Association of Certified Fraud Examiners, pointed out that MTFE was a textbook Ponzi scheme, reliant on new entrants to pay previous investors and destined to collapse at some point.

The MTFE Web

MTFE purported to be registered in Ontario, Canada, but had no physical presence or official representative in Bangladesh. Instead, it relied on user team leaders to lure in more investors. However, the Ontario Securities Commission confirmed that “Metaverse Foreign Exchange Group Inc” was not registered in Ontario for trading securities.

Several individuals in Bangladesh, notably Masud Al Islam, who now operates from Dubai, emerged as the key figures behind the scheme. Their passive income from followers’ relentless marketing campaigns afforded them lavish lifestyles. However, many of these team leaders had secured their own capital through withdrawals before the platform’s troubles became apparent.

The Elusive Culprits

As the scheme began to crumble, team leaders went into hiding, switching off their phones and disbanding WhatsApp groups. Masud Al Islam, suspected of being a mastermind, denied any wrongdoing but refused to comment when contacted by The Business Standard.

The full scale of the fraud remains unknown, with estimates ranging from one lakh to half a million victims in Bangladesh. Some team leaders, who themselves suffered substantial losses, estimate the scam’s scale to be around a thousand crore taka or possibly even larger.

A Widespread Impact

MTFE extended its reach to countries like Sri Lanka, Nigeria, Pakistan, and India, where users faced similar fates in recent weeks, according to team leaders.

It’s important to note that investing in foreign assets is illegal in Bangladesh without central bank permission. Despite this, people continued to use cryptocurrency for transactions with MTFE, utilizing local over-the-counter arrangements.

In the end, the MTFE saga serves as a stark reminder of the dangers of chasing quick returns in the cryptocurrency world, emphasizing the importance of due diligence and skepticism in the face of enticing but dubious opportunities.

FAQs: MTFE Shuts Down

What is the MTFE !?

They are trading brokers in various markets such as forex, index, products, stocks and cryptocurrencies through the MTFE app available on Playstore and Appstore!

How can I trade with MTFE!?

It’s easy Mtfe Team Club to create trading signals where even a person who doesn’t know how to trade can enter the market and make profit!

Can I trade MTFE without signal!?

Yes, the MTFE app allows its expert members to enter the market, analyze and earn money in all five markets without interruptions!

When did MTFE start and where did people come from!?

MTFE brokers have more than three years, but for African and Asian markets, it’s been a year since they continue to develop their branches during their headquarters in Canada!

MTFE confirmed and no loss!?

Yes, MTFE is a safe place because it’s the only place where you can enter the market yourself and make a lot of money just by gaining knowledge. There are losses, though they are recoverable, that is, you can’t do big losses. Signal of losing your capital!


Phone: 070 100 1315