In the aftermath of the MTFE scam, offices of the representatives of the organisation, known as CEOs, across prominent locations in the capital and throughout the country now remain sealed as key figures reportedly attempt to elude authorities.
The cryptocurrency scam, marketed by Metaverse Foreign Exchange Ltd (MTFE), has left a trail of dismay among countless investors. The scheme assured significant gains to its patrons via cryptocurrency investments.
This network reached far and wide, appointing representatives whom it called CEOs in Bangladesh, India, Sri Lanka, the Middle East, and Africa.
Prompted by the shocking scam, law enforcement agencies in Bangladesh have initiated investigations into these CEOs.
The CEOs of MTFE adopted multiple identities and falsified documents to acquire office spaces across various locations which allowed them to maintain a hidden profile, said fraudulence victims.
Besides, ongoing inquiries by law enforcement have yielded substantial information, indicating that these perpetrators are on the brink of apprehension, said the investigators.
A distinctive modus operandi has come to light, wherein employees who secured investments from a minimum of 100 individuals were crowned as CEOs, they said adding that over 400 such CEOs were operating across the country, each managing extensive networks of thousands of investors.
The Criminal Investigation Department (CID) is in the process of compiling an exhaustive list of these CEOs and their associated investors.
The scope of the investigation extends to those individuals who facilitated the company's promotion across digital platforms, particularly Facebook, where potential investors were enticed with promises of CEO positions, said the investigators.
Additional Superintendent of Police, Azad Rahman, said the CID will untangle the intricate web of this fraudulent enterprise by gathering information on all parties involved.
As authorities relentlessly delve into the depths of this cryptocurrency scam, investors grapple with substantial financial losses. The incident serves as a stark reminder of the perils lurking within cryptocurrency investments, underscoring the urgency for heightened vigilance and regulatory measures in the sector.
The Bangladesh Financial Intelligence Unit (BFIU) also held a meeting on Monday to deliberate on the matter. They outlined their strategy to ascertain the extent of the financial harm inflicted by MTFE. Preliminary findings indicate that all transactions linked to the company were executed in US dollars.
These dollars were procured through Bangladeshi taka and subsequently funnelled into cryptocurrency – an act strictly prohibited within Bangladesh. Operating under the façade of a legitimate enterprise, MTFE positioned itself as a 'halal' venture and a dollar shopping platform, utilising AI robots for trading. The company chiefly targeted digital platforms for its campaigns while also enlisting workers at the district level, luring them with appealing salaries and commissions.
The tactics employed by these malicious actors encompass enticing investors to acquire USDT (a cryptocurrency) from exchanges like Binance and executing payments via mobile financial services such as bKash, Nagad, Rocket, and even bank transfers.
Local involvement in cryptocurrency trading on platforms like Binance has contributed to a significant outflow of funds from the country.
Cryptocurrency trading and Binance operations are illegal in Bangladesh.
