Another MLM business runs away after receiving Tk20,000 cr investments

Once again, a multi-level marketing (MLM) company‍‍`s con has cost hundreds of thousands of young people in Bangladesh their investments.

MTFE, an MLM organization that engaged in illegal online gambling and cryptocurrency trading, unexpectedly stopped operating, numerous investors reported on Friday night.

According to estimates, this business has used cryptocurrencies to siphoned off a staggering Tk20,000 crore from Bangladeshi investors.

This foreign software has deceived thousands into investing online with promises of quick money.

This Dubai-based business used a Ponzi scam known as multi-level marketing.

Notably, although Bangladeshis made up the majority of the company‍‍`s investors, investors from India and Bangladesh also contributed significantly, according to cyber researchers.

Mahbub Alam, who lost around $1,50,000 and has been associated with the company for nearly two years, mentioned that there were over 400 individuals in Bangladesh holding the title of CEO affiliated with this company.

Half of these CEOs had inaugurated their offices in Dhaka, he said. 

Bangladesh Bank, during a meeting with the Bangladesh Financial Intelligence Unit (BFIU) and various government intelligence agencies on August 10, reported that illegal online gambling, gaming, betting, forex and crypto trading have been causing an outflow of money from the country. 

At the meeting, BFIU Chief Md Masud Biswas highlighted the damage caused by money laundering through these illegal mediums, societal degradation and the resultant harmful impacts on the youth. 

He urged all agencies to collaboratively take stringent actions against those involved in these illicit activities.