After garnering tens of thousands of dollars in Bangladesh, the cyber Ponzi scheme, disguised as an unregulated international broker, has revealed its actual character with many scammed by MTFE
On Thursday night, MTFE users, already concerned about their inability to withdraw funds for two weeks, were presented with significant and suspicious losses in their virtual trading accounts.
MTFE scammed users as latest news and withdrawl update today reveal massive Ponzi scheme scam
The biggest ponzi of the century MTFE shutdown with over $1B dollars. pic.twitter.com/Wg2qlyXNbk
— Speedou (@speedouFx) August 15, 2023
@mtfe_io ,
Hi Sir,
My ID : 3389846
I recently joined in MTFE with 2300$.
Due to recent upgrade on server i am unable to withdrawal amount. And now finally my amount goes in minus amount decreased. From 2667$ to -2341$.
Request you please revert amount.
Before & After pics added. pic.twitter.com/BVMEgOUgca— salman khan (@salmanpatan2) August 17, 2023
“I had over a thousand dollars in my MTFE virtual account and on Friday it showed my account balance was minus $1,400,” said Asadur Rahman, an MTFE user in Dhaka.
“To compensate losses, MTFE solicited new investments from everyone. Users claimed unidentified operatives utilizing intimidation methods and threatening legal action in exchange for more money.”
“I am now certain that MTFE was fabricating investment profits or losses,” said Moinul Islam, another Dhaka MTFE user who had been duped. “In reality, its virtual trading environment fabricated everything in order to embezzle our money,” he further added.
He also expressed guilt for mistakenly adding certain acquaintances to the phony platform in exchange for a referral bonus, thereby helping to the scheme’s expansion.
Referral bonuses aided the scam’s widespread spread, luring thousands of rural children to use the program.
Arif Hossain of Gazipur, who advanced to the position of team leader of MTFE users, like nearly 400 others in Bangladesh, now feels that all of the money has been embezzled by unseen crooks.
“I was promised a monthly salary from MTFE, but I got nothing,” said Manik Bhoumik, a surgical equipment trader in Chattogram who advanced to the same position.
The site had no authorized transaction route, location, or management team, and yet customers were pursuing quick profits, according to Major Mohammad Shamsuzzoha (Retd), a member of the US Association of Certified Fraud Examiners.
Ponzi schemes rely on new entrants to enrich previous ones and eventually collapse, were detected in the case of MTFE as well, and he believes they should have been halted far sooner.
However, according to the website of the Ontario Securities Commission, “Metaverse Foreign Exchange Group Inc, found at www.mtfe.ca, is not registered in Ontario to engage in the business of trading in securities.”
A few of the early users In Bangladesh were considered by the majority to be at the top of the pyramid and to have been aggressive in chasing new users who made millions of dollars or more.
Masud Al Islam, who is currently based in Dubai, has the largest network of MTFE users in Bangladesh, and the passive money generated by his active followers’ continuous marketing activities has enabled him to live a sumptuous lifestyle.
Many people named Mahfuzur Rahman of Dhaka as their team leader, and his network grew considerably slower because they did not aggressively market the platform like Masud from Dubai.
The majority of the team leaders had secured their own funds through withdrawals prior to the latest platform troubles.
Masud Al Islam, suspected of being the mastermind of the multinational scam, appeared in multiple Zoom meetings or social media lives to dispute the allegations against him and the platform itself.
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