Apps money-making scam must be stopped securing cyberspace
No government agency is taking responsibility for the MTFE scam that has left thousands of Bangladeshis staring at catastrophic losses due to the murky nature of its operations.
Dubai-based app MTFE, short for Metaverse Foreign Exchange Group, enticed individuals in Nigeria, Sri Lanka, and Bangladesh by branding itself as a Shariah-compliant platform for cryptocurrency, forex, commodities and stocks with unusually high returns on investments.
It gained popularity through a referral programme that gave existing users bonuses if they brought in others, working in essence as a Ponzi scheme.
So irresistible were the app’s money-making promises that thousands of people right down to the upazila or village level in Bangladesh poured crores into it.
On August 17, the Android app went under, freezing out the balances of hundreds of thousands of people everywhere.
The law enforcement agencies have not received any complaint against the MTFE scammers as the investors were aware that they were involved in illicit activities through the app.
MTFE is just like a trap. People are not learning from history — this is a big challenge.
The Directorate of National Consumers Rights Protection (DNCRP), the quasi-judicial government department responsible for hearing and addressing consumer complaints over goods and services, haven’t received any complaint either.
BFIU is a government agency of Bangladesh responsible for investigating money laundering, suspicious transactions, and cash transaction reports.
The unit works under the Bangladesh Bank.
If cryptocurrency was used, the central bank has to take responsibility for the MTFE scam adding that law enforcement agencies are tasked with monitoring crime on digital platforms too.
BTRC said they closed nearly 1,000 apps, websites, and YouTube links related to gambling.
We must say the government has a responsibility to prevent such incidents.
Without securing cyberspace all the much-hyped Smart Bangladesh will be only on paper.
