Sharif Rubel, Dhaka: The MTFE app promised a path to financial independence to many, but it turned out to be a nightmare for over 4.2 million customers in Bangladesh alone. Farzana Yasmin, a resident of Tongi Cherag Ali in Gazipur, was drawn into the allure of the MTFE app, offering a chance to earn substantial returns on a monthly investment of 25,000 taka. Encouraged by a neighbor, Yasmin invested her money, and her investment seemed to flourish. However, the Canada-based company vanished overnight, leaving her and thousands of others in financial ruin.
MTFE Update News – The Scam Unveiled
The MTFE app, which promised handsome profits through trading, turned out to be a classic scam that preyed on people’s hopes and dreams. Many individuals, including Yasmin, not only invested their own money but also encouraged their friends and relatives to join. The company, which had established a considerable presence with over 400 offices across Bangladesh, lured people with seminars, motivational speeches, and the promise of becoming CEOs within the MTFE structure.
The MLM Structure and the Tragic Outcome
MTFE operated on a Multi-Level Marketing (MLM) model, where participants recruited new members to earn commissions. The more recruits, the higher the commission, and many individuals fell for this allure, aiming to become millionaires through commissions. However, the company abruptly shut down operations, leaving countless individuals devastated. Efforts to contact the CEOs and executives behind MTFE have proven futile, and the promised profits vanished along with them.
You can read in Bangla – ৪২ লাখ গ্রাহকের হাজার কোটি টাকা নিয়ে উধাও এমটিএফই
The Sudden Disappearance and the Aftermath
MTFE promised AI-driven trading and claimed to have government licenses, which later proved to be fabricated. On August 17, the company blocked access to the app and manipulated customer accounts, causing losses. Customers were shown negative balances and were threatened with legal action if they didn’t pay up. This scam extended worldwide, impacting individuals in various countries.
Taking Legal Action and the Way Forward
While victims are struggling to cope with their losses, legal authorities are yet to take action. The DB Cyber and Special Crime Department acknowledges the scam but highlights the importance of complaints for initiating legal measures.
In conclusion, the MTFE scam serves as a harsh reminder to exercise caution when dealing with investment opportunities that seem too good to be true. The promised fortunes turned into a heart-wrenching reality for many, urging individuals to stay vigilant and verify the legitimacy of any investment platform before getting involved. SOURCE: Daily Manab Zamin