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Ponzi Scheme MTFE Appears to be on the Run

2023-08-22 Brokersview


According to local sources in Bangladesh, MTFE, which has been exposed as a Ponzi scheme, is suspected to have ceased operations and escaped from the country. Although there are no accurate statistics on the victims for the time being, some users estimated that the victims amounted to more than 100,000, and the amount involved was BDT 100 million.


MTFE (aka METAVERSE FOREIGN EXCHANGE GROUP INC.), a self-proclaimed financial intermediary company, has recently been frequently exposed as having withdrawal problems. It is condemned by many investors as a "scam." Confronted with such accusations, MTFE did not provide any effective response or explanation, and only issued a notice on August 16th stating that withdrawals were suspended for upgrading the system. At the same time, many people have been promoting the company on social media and video sites for unknown reasons.

Notice from MTFE for explaining withdraw suspend


However, as BrokersView has reviewed and researched, MTFE is a Ponzi scheme. The high-profile scam company has also been known to trick victims into joining so-called investment projects under the guise of charity and luring them to find more new victims.


Last Thursday, some users who noticed an anomaly in their trading accounts are now unable to even log into the mobile app properly. Asadur Rahman, an investor in Dhaka, Bangladesh, said he had a balance of more than $1,000 in his account, but he was somehow left with a negative $1,400 balance since August 18th.


But he is not the only user who "owes money", many investors have said they have encountered the same situation.

People who has negative balance for no reasons


On August 19, MTFE sent a notice to users via its app saying that those with negative balances had 24 hours to "make up the arrears" or the company's legal department would file a lawsuit against them.

Notice on Aug 19


MTFE had also asked users to pay a 15 percent tax to restore their balances.

MTFE asking for tax


Another Bangladeshi victim, Mionul Islam, who had invited some friends to join the program to receive MTFE's referral bonuses, now believes that MTFE's virtual trading environment fabricated everything to steal users' money.

Friend are invited to join MTFE


However, Bangladeshi investors are not the only victims, as MTFE victims are spread across Sri Lanka, India, Nigeria, the United Arab Emirates, and other countries. Some investors in these countries have reported that they are experiencing the same situation as the Bangladeshi investor.