Home Bangladesh Tk 20,000 cr smuggled by illegal MLM company
Bangladesh - August 20, 2023

Tk 20,000 cr smuggled by illegal MLM company

Millions of youth being cheated

Mahfuz Emran with Zarif Mahmud: Millions of youths of the country have once again been involved in the fraud of MLM companies. Illegal online gambling crypto trading MLM company MTFE has suddenly shut down.
It is believed that at least Tk 20,000 crores of cryptocurrencies have been smuggled from Bangladesh through this company. At the same time, thousands of people have become wealthy by investing online in the trap of a foreign app with the dream of becoming a millionaire overnight.
This Dubai-based company used to do business in multilevel marketing or MLM Ponzi model. The company had significant number of investors from India and Bangladesh. However, cyber analysts believe that most of them are Bangladeshi investors.
Several investors confirmed the matter on August 18 night. Mahbub Alam, who saved $150,000 from Rampura in the capital, said that he has been with this company for almost two years. He said that there are more than 400 CEOs in Bangladesh. Twenty-two offices of these CEOs have been inaugurated in the capital alone. And there are another 1,000 people on the list to become CEOs. He said, each CEO has at least 100 to 150 people under him.
Mahbub Alam, a CEO himself, mentioned that if he invested $930 or Tk 110,000, the company would have earned Tk 45,000 per month. If you invest $500 dollars or Tk 60 thousand, you will get a profit of Tk 22 thousand. Besides, if someone invests $3,500 dollars and joins 15 people in the company and if these 15 people invest $9 thousand, then the person who invested $3,500 gets at least Tk 4 lakh per month. This is how this company has made hundreds of youth millionaires. But he could not believe that the company would suddenly disappear. Although this company stopped the investors’ commission for the last 15 days due to technical problems. Those who were giving money here could no longer withdraw money. No further transactions are taking place from Thursday. MTFE shut down their system completely on Friday.
If you invest at least $500, you will get a profit of Tk 5 thousand at the end of the day. Hundreds of people invested in the lure of these fabulous profits. Many also invested by pledging jewelry and valuables.
Kalam, a young man who invested Tk 110,000 a month ago, said, I invested money in this app by believing the words of a person named Akhtar. I was seeing profit every day, but till now could not withdraw a single rupee. The company was closed earlier.
Talking to the victims, it is said that apart from advertising lucrative foreign apps in the news feed of Facebook, some youths have organized online campaigns by dividing into different groups. Multiple help offices of these apps have also been opened in the capital and divisional cities.
It is known that they used to take money through mobile banking or Binance through the app. Later local agents used to smuggle it out. SSC and HSC level students in Bangladesh were targeted for profit.
The trading of this company for ordinary investors was 5 days a week from 7 pm to 1 am Bangladesh time. While ordinary investors trade from Monday to Friday, trading for CEOs takes place 6 days a week, including Saturday. Closed on Sundays.
Incidentally, operating MLM business and dealing in crypto currency is illegal and prohibited as per the prevailing rules of Bangladesh.
Earlier on August 10, Bangladesh Bank said that money is being laundered from the country through illegal online gambling, gaming, betting, forex and crypto trading. This picture emerged in a meeting of various intelligence agencies of the government with Bangladesh Financial Intelligence Unit (BFIU).
Representatives of Telecommunication Regulatory Authority, CID of Bangladesh Police, Special Branch, Transnational and Cyber Crime Department of Dhaka Metropolitan Police and intelligence agencies were present in the meeting. The meeting was held at the central bank office under the chairmanship of BIFU chief Masud Biswas.
According to Bangladesh Bank, Bangladesh is losing a lot of foreign currency due to the increase in illegal online gambling, gaming, betting, forex and crypto trading. Bangladesh Bank, the regulatory body of the financial sector, is concerned about the matter. It has been decided to work together with all the concerned agencies to control the situation.
Referring to the government’s zero tolerance to prevent illegal transactions, the central bank said in a press release that the use of digital payments and smart payments in the financial sector has increased, the benefits of which are being enjoyed by the whole of Bangladesh. However, along with the benefits and prosperity, abuse of these banking and payment systems has also increased.
Recently, illegal transactions through these crimes have increased at an exponential rate. By exploiting the digital payment system, these crimes are simplifying and speeding up the hundi process. As a result, money laundering is increasing and the country’s economy is suffering. The country is losing a lot of foreign exchange.
It is said that BFIU, as the central agency of Bangladesh to prevent money laundering and terrorist financing, is working with other organizations to prevent money laundering through online gambling, gaming, betting, forex and crypto trading.
Recently, letters have been sent to all the concerned ministries to take necessary measures to stop online betting and gambling advertisements on various television channels.
In the meeting, BFIU chief Masood Biswas highlighted the harmful aspects of money laundering, social degradation and youth through these illegal means and urged all organizations to work together to take strict disciplinary action against those involved in such misdeeds.
BFIU said that it will provide information to the relevant organizations in the meeting. At this time, the organizations said to work together to prevent these illegal media in the future.

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