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MTFE Ponzi App Collapses

Industry: Financial, Fintech, ICT Sector, Tecnology
Company: MTFE
Company Intelligence Tag: Business Insights

The MTFE app, operating as an international broker, turned out to be a cyber Ponzi scheme that duped thousands of Bangladeshi investors. It promised quick returns through cryptocurrency deposits, referral rewards, and fake trading activities. Users faced sudden losses, while the platform sought more investments to cover them, prompting intimidation by unidentified agents. Referral benefits drove its widespread adoption, attracting rural youth. The scheme, akin to a textbook Ponzi, relied on new investors to pay previous ones, leading to collapse. Despite claiming Canadian registration, MTFE had no office or legal status in Bangladesh. Team leaders aided its expansion, with some reaping fortunes. The scheme extended to other countries. The incident highlights the persistence of illegal investment schemes in Bangladesh and the need for regulatory enforcement.

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