Like the rest of Bangladesh, many individuals in Bogra, fell into the trap of Dubai-based multi-level marketing (MLM) company Metaverse Foreign Exchange (MTFE) in the hope of significant profits.
At least 200 individuals were directly under one Ram Mohan Das, with transactions exceeding Tk10 crore under his supervision alone.
Many have lost large sums of money and are now left destitute, yet as of Tuesday evening, none of the victims had sought legal action against the fraudsters.
Ram Mohan Das, who was a supposed CEO of this illicit online gambling and cryptocurrency trading company, told reporters on Tuesday that he could not understand the fraudulent nature of their activities.
“My personal investment was Tk3 lakh,” he said.
Lured by the prospect of sudden wealth, many invested in the scheme, he said.
Ram Mohan Das claimed that he is not involved with the scamming group, yet, he has gone into hiding to avoid public outrage.
Bogra's Business Community Hit Hard
It has been found that at least 200 businessmen from Raja Bazar and New Market, including generator mechanic Sultan Talukdar from Shapla Market, businessman Rajib Mondol, and Pappu Jiladar, invested online in MTFE.
All these investors were overseen by Ram Mohan Das, who was one of 20 other CEOs in the city.
Sultan Talukdar from Shapla Market, hoping for high returns, saved thousands of dollars in an MTFE account. Believing he would become rich, he even left his longstanding profession.
Sultan Talukdar got to know about Ram Mohan Das through another businessman, Rajib Mondol, opened an account and invested his savings worth Tk1.5 lakh four months ago.
His online account was showing a weekly profit addition of Tk30,000. Enticed by these profits, he opened 10 more accounts in the names of his wife, children, and other relatives soon after.
The victims of MTFE managed to withdraw only $2,500 from their deposited $20,000.
At least 50 other businessmen in the Shapla Market fell into MTFE's trap, investing millions.
The online gambling company promised them an earning of Tk5,000 at the end of the day with just a $200 investment.
In this hope, these individuals invested their hard-earned money and even sold their wives' jewellery and valuable household items or pawned them.
Another victim, Aminul Haque, who is a businessman, reported that transactions took place five days a week, excluding Saturdays and Sundays, via an app.
Upon depositing a minimum of Tk25,000 into a dollar account, a daily profit of Tk5,000 was promised for five days a week, he said.
Due to the app's user-friendly nature, even those with no formal education could operate it.
Businessman Abul Kashem said that he earned Tk5,000 daily during the first week after his investment.
He withdrew some money from there but has not taken out any for the last four months, leaving a deposit of $1,700.
When the MLM company ceased its operation, Abul Kashem lost not only his savings but also the money set aside for his children.
Pappu Ziladar said that, like others, he lost everything after investing Tk50,000 a month ago.
Businessman Rajib Mandal said that he had invested Tk25,000 as he knew CEO Ram Mohan Das very well.
How MTFE collected clients
Affected individuals who lost their money said that any investor who could gather hundreds of other investors was granted the title of CEO in this company.
Initially, each CEO was allocated Tk1,50,000 to rent an office in the city, and profits were ceremoniously handed out every Friday at the city's upscale hotels, where lavish meals were also served.
At these events, the method of investing in the MTFE through cryptocurrency was taught, as they mentioned.
They further revealed that investors were assured of the company's utmost security. They were shown that many of the world's wealthy were investors in this company.
Due to its portrayal as an international standard financial institution, people were easily enticed to invest.
What did the police say?
Bogra Sadar Circle Additional Superintendent of Police Md Sharafat Islam and Sadar police station Officer-in-Charge Saihan Oliullah said that they have heard of people becoming bankrupt after investing in the MTFE app through various sources.
However, as of Tuesday evening, none of the victims had lodged a formal complaint, making it impossible to figure out the exact number of victims or the amount of investment, they said.
Legal actions will be taken against the involved parties if complaints are received, they added.
The illicit online gambling and cryptocurrency trading MLM company Metaverse Foreign Exchange (MTFE) ceased its operation on Saturday after siphoning off at least Tk20,000 crore from Bangladeshi investors using cryptocurrency.
Notably, while a significant number of investors in the company were from India and Bangladesh, most were Bangladeshi, according to cyber analysts.
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