Tuesday, May 07, 2024
Bangladesh is grappling with a growing financial crisis as a good number of unscrupulous foreign apps continue to defy laws and exploit unsuspecting investors.
Hilton Meta Fx, Cately, SFXT (Success Super Pool), and Force1 are among several foreign apps that have been operating illegally within the country, siphoning off substantial sums of money.
These apps bear an uncanny resemblance to notorious Metaverse Foreign Exchange (MTFE) Group, which orchestrated a massive financial scam, leaving countless Bangladeshis in financial ruin.
Reports from various sources reveal a disturbing trend: when victims of the fraudulent platforms lose their investments, another group of manipulators actively lures them back, perpetuating the cycle of exploitation.
The tactics employed by these nefarious operators include enticing investors to purchase USDT (a cryptocurrency) from exchanges like Binance, and making payments through mobile financial services like bKash, Nagad, Rocket, and even bank transfers. Disturbingly, local participation in cryptocurrency trading on platforms such as Binance has contributed to a significant outflow of funds from the country.
Amidst this chaos, MTFE Group made headlines by abruptly shutting down its operations, making away with substantial amounts of money. Investigations have now uncovered the true nature of MTFE: not only an unlicensed forex broker but also a full-fledged Ponzi Scheme. Victims were coerced into recruiting new investors through unrealistic bonuses, while the promised financial trading activities turned out to be a sham.
MTFE's claims of being a legitimate financial service provider with Canadian registration and regulation proved to be false. Authorities from Canada's Ontario Security Commission outright denied any affiliation with MTFE, branding it as a deceitful enterprise.
MTFE's carefully appointed representatives in Bangladesh and other parts of the world painted an alluring picture of high returns with minimal risk, capitalizing on the greed and desperation of potential victims.
Individuals who fell prey to MTFE's scheme have shared their heartbreaking stories of losing their life savings and even selling their valuables in the hopes of making a profit.
The elaborate deception operated by MTFE's representatives and the lack of proper regulations within the cryptocurrency space enabled these malicious actors to exploit the vulnerable.
Cybersecurity experts Abdullah Al Jaber and Mahbubur Rahman have been raising alarms about such platforms, highlighting the power of greed in blinding individuals to the risks. While MTFE Group's shutdown has left investors in panic, experts warn that scams like this often involve a lack of physical presence, relying on local agents to deceive and manipulate unsuspecting victims.
The situation also underscores the pressing need for Bangladesh to enforce strict regulations against MLM businesses and cryptocurrency dealings, as these activities continue to wreak havoc on the financial stability and well-being of its citizens.
As the nation grapples with this crisis, the MTFE debacle serves as a stark reminder of the dangers posed by unchecked financial schemes and the urgent need for vigilance in the digital age.
