Top News Desk: In recent developments, a substantial number of individuals in Rajshahi have fallen victim to the insidious operations of MTFE, an app that has gained notoriety for luring people into a deceptive scheme promising lucrative gains through shadow platforms dealing in cryptocurrencies, foreign exchange, commodities, and even foreign stocks.
Most grievously affected by this scam are unemployed youths who, in their desperation, resort to depositing money into the app, often procured through borrowing or land mortgaging. This predicament has left countless individuals shackled by a mounting burden of debt, leaving them fraught with anxiety regarding the repayment of these loans. Multiple reliable sources have verified that no fewer than 5,000 people across 9 upazilas in the district, including Rajshahi City, have fallen prey to this fraudulent ploy. Shockingly, this network of deceivers has managed to siphon off a staggering sum of at least 200 crore rupees from this vulnerable populace.
The tentacles of this scam have reached far beyond Rajshahi, ensnaring individuals from diverse districts across the nation. The precise number of MTFE’s clientele within Bangladesh remains elusive. However, estimations put the count at around 800,000 registered accounts within the app from the country. This web of deceit has also extended its reach beyond Bangladesh’s borders, as expatriate Bangladeshis residing in countries such as Dubai, Oman, Qatar, and Saudi Arabia have also fallen prey to this scheme, investing substantial amounts of their hard-earned money into MTFE.
Strikingly, MTFE lacks a physical office within Bangladesh, raising suspicions about its legitimacy. The majority of the app’s users find themselves holding dollar balances in their wallets but are confronted with an inability to access their funds. What’s even more alarming is that a significant portion of MTFE wallet balances plunges into the negative or red zone on Fridays and Saturdays. In economic terms, it’s being argued that the company, operating at a loss, expects to receive funds from customers. Nonetheless, it remains uncertain if any individuals from Rajshahi were complicit in these suspicious dealings.
Report by: Habiba Sultana
