Dubai resident Amjad Ali’s (name changed) phone feels like a ticking time bomb in his hand. Each ring slices through his nerves, an unending onslaught of anger from people across the globe. It’s a living nightmare, all because of an investment gone wrong—an investment that included not just his money but the hard-earned savings of his brothers and sisters.
The Dubai resident placed his faith in Metaverse Foreign Exchange (MTFE) with $25,000, coaxing his family into this financial leap of faith. But MTFE didn’t stop at just vanishing with their funds; they plastered Amjad’s cellphone number across the internet as their contact at their supposed Dubai office in Deira.
For Amjad Ali, it’s a cruel joke he can’t escape. “Each ring,” he says, his voice heavy with frustration, “is like a dagger through my veins. I am besieged by angry calls from people all over the world. They think I represent MTFE. It’s a continuous onslaught.”
This surreal ordeal isn’t Amjad’s alone; it’s a difficulty impacting thousands like him who’ve fallen victim to MTFE’s fraud in the UAE and far beyond.
Initial Promises of Wealth Lead to Worldwide Scam
MTFE, a platform promising huge profits through metaverse foreign exchange trading, became a global scam. The scheme targeted individuals with no educational background, encouraging them to download an app, invest in cryptocurrency, and invite others for rewards. Despite appearances of legitimacy with country-based ambassadors, the unlicensed broker collapsed recently, causing devastation. Most victims were from Asia and Africa, including the UAE, and the scheme’s online presence was huge, boasting thousands of members on Facebook and Telegram.
The support team of MTFE in Dubai has a Facebook group with nearly 10,000 members and a Telegram channel with over 71,000 subscribers worldwide.
Tricky Deception
The company’s plan aimed to attract potential victims through social media platforms, tempting them with promises of attractive earnings.
The users were instructed to use cryptocurrency to make deposits and withdrawals, which made the transactions more complicated and harder to track, allowing the scheme to operate discreetly.
To instill trust, MTFE permitted small initial withdrawals, crafting the illusion of a profitable platform that urged users to invest more. The Ponzi app thrived on a referral program. It rewarded users who brought others on board with bonuses, fueling its exponential expansion.
The platform gained momentum as aggressive “team leaders” promoted it to their followers and friends. This caused the scheme to spread quickly. Malicious actors then directed investors to obtain USDT, a form of cryptocurrency, from exchanges such as Binance. Payments were made using mobile financial services and bank transfers.
Two individuals were arrested on Wednesday by Bangladesh’s Police Bureau of Investigation (PBI) under the Digital Security Act, as ordered by the court, in connection with a scam. However, the masterminds behind the fraud are still prominent, leaving numerous victims struggling with financial losses.
How MTFE Operated
An online company promised to earn $40 every week with an investment of $500. In pursuit of this lucrative offer, people invested their savings, sometimes even selling or pawning their valuable household items.
According to the victims, individuals who brought in a specific number of investors were designated CEOs within the company. Initially, each CEO was given $1,800 to rent an office. The profits were distributed weekly at luxurious hotels, and attendees were treated to extravagant meals at these gatherings. During these events, they were taught how to invest in MTFE using cryptocurrency.
