{"id":5994,"date":"2024-05-14T04:44:05","date_gmt":"2024-05-14T04:44:05","guid":{"rendered":"https:\/\/30dayearningsformula.com\/multi-level-marketing\/mlm-news\/bangladesh-a-constant-victim-of-mlms-and-ponzi-schemes\/"},"modified":"2024-05-14T04:44:05","modified_gmt":"2024-05-14T04:44:05","slug":"bangladesh-a-constant-victim-of-mlms-and-ponzi-schemes","status":"publish","type":"post","link":"https:\/\/30dayearningsformula.com\/multi-level-marketing\/mlm-news\/bangladesh-a-constant-victim-of-mlms-and-ponzi-schemes\/","title":{"rendered":"Bangladesh, a relentless sufferer of MLMs and ponzi schemes"},"content":{"rendered":"
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Bangladesh’s troubles with monetary crimes appear to have no finish in sight. Other than the persistent downside of rampant cash laundering, through the years, fraudulent e-commerce websites and ponzi schemes have added one other dimension to the nation’s woes. In accordance with the commerce ministry, multi-level advertising and marketing (MLM) and\u00a0e-commerce schemes have robbed round 10 million victims of greater than Tk 22,000 crore. The newest on this damaging string of monetary crimes is the Metaverse International Change (MTFE) scandal, which has snatched away the life financial savings of its weak “purchasers.”<\/p>\n

Regardless of such crimes getting greater in scale and extra vicious with time, we have now miserably did not curb them. Let’s take a look at the case of MTFE since it’s presently making headlines.<\/p>\n

Metaverse International Change Group Integrated described itself as an organization primarily based in Canada and Dubai, and began operations in Bangladesh this January. Whereas it didn’t have an workplace in Bangladesh, the corporate promoted its app, MTFE, by social media platforms, together with Fb and YouTube. As MTFE carried out transactions just about in monetary markets, together with shares and cryptocurrencies, it additionally leveraged the Bangladesh Financial institution and different monetary transaction techniques, together with cellular monetary companies (MFS), to make transactions.<\/p>\n

Now, the query arises: how did the authorities enable such a large-scale ponzi scheme to run for therefore many months? On August 9, Bangladesh Monetary Intelligence Unit (BFIU), in a proper assertion, stated unlawful transactions have elevated in recent times. So, why have been no steps taken earlier? Had the monetary watchdog shared this info with related authorities on time, maybe MTFE wouldn’t have dared to unfold its prison internet with such pace. Furthermore, what was the Cyber Crime Investigation Division doing throughout all this time?<\/p>\n

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If the central financial institution can do nothing to manage the circulation of cash, particularly with reference to suspicious transactions, what actually is its position within the better ecosystem?<\/p>\n<\/div>\n<\/div>\n<\/blockquote>\n

What’s much more alarming is how all related authorities at the moment are making an attempt to wipe their fingers off this concern by dumping the blame on one another. For instance, the commerce ministry stated the MTFE rip-off falls exterior its jurisdiction, and the central financial institution pointed fingers on the Bangladesh Telecommunications Regulatory Fee (BTRC). The BTRC chairman volleyed the ball again to the central financial institution’s court docket, saying that “the problem of MTFE is said to monetary transactions.” The Directorate of Nationwide Shoppers Rights Safety (DNCRP) pointed to the BFIU, as it’s answerable for investigating suspicious transactions, illicit monetary flows, and comparable actions.<\/p>\n

Nevertheless, amidst the cacophony of so many voices, the assertion that stood out was of Bangladesh Financial institution Govt Director Mezbaul Haque. He stated, “I learn in regards to the MTFE rip-off within the newspapers. Authorized channels are getting used to hold out unlawful enterprise. It’s the folks’s proper to make use of their cash as they’ll. Bangladesh Financial institution cannot say something about that.”<\/p>\n

There are a number of issues with this assertion. Initially, how can the central financial institution of a rustic not learn about such a rip-off apart from what its workers have learn in newspapers? Does not the BFIU inform it of main developments? Secondly, how can the BB don’t have anything to say when unlawful companies are utilizing authorized channels to hold out monetary crimes? In fact, it’s the folks’s cash and their particular person choices. But when the central financial institution can do nothing to manage the circulation of cash, particularly with reference to suspicious transactions, what actually is its position within the better ecosystem?<\/p>\n

The BFIU’s assertion can also be unsatisfactory. The authority stated it has shut down near a thousand apps, and is working to lift consciousness amongst folks by newspaper commercials. But it surely has additionally pointed fingers on the victims, saying that “individuals are not studying from historical past \u2013 it is a large problem.” However the query stays: why could not it cease a transnational gang from looting harmless folks?<\/p>\n

However let’s additionally focus on this lack of knowledge. A lot of victims of the MTFE ponzi scheme are from the fringes, together with the upazilas. A lot of them will not be literate \u2013 or are semi-literate, at finest \u2013 and are definitely not geared up with sufficient data about protected digital interactions or transactions. In consequence, they’ve turn into simple targets.<\/p>\n

With digital expertise, cellular monetary companies, and the web penetrating rural areas, it has turn into crucial to coach the top customers about web security and protected monetary transactions. The Info and Communication Know-how Division may maybe provoke sturdy tasks to coach these folks in regards to the pitfalls of digital expertise and learn how to finest navigate round them. Clearly, the continued cybersecurity training programmes will not be yielding desired outcomes.<\/p>\n

Coming again to the core concern of victim-blaming, the related authorities ought to chorus from such disgraceful actions and come clean with their obligations. Such blame video games solely expose the discord among the many companies and result in damaging perceptions about them amongst widespread folks.<\/p>\n

It’s unlucky that the authorities stay shrouded in confusion on the subject of stopping monetary crimes; they themselves should concentrate on this a lot. These occasions ought to jolt them and, hopefully, generate sufficient initiative to strengthen cybersecurity and catch monetary criminals.<\/p>\n

Tasneem Tayeb<\/strong>\u00a0is a columnist for The Every day Star. Her X deal with is @tasneem_tayeb<\/em>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bangladesh’s troubles with monetary crimes appear to have no finish in sight. Other than the persistent downside of rampant cash laundering, through the years, fraudulent e-commerce websites and ponzi schemes have added one other dimension to the nation’s woes. In accordance with the commerce ministry, multi-level advertising and marketing (MLM) and\u00a0e-commerce schemes have robbed round […]<\/p>\n","protected":false},"author":2,"featured_media":5996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","slim_seo":[],"footnotes":""},"categories":[110],"tags":[2209,2210,507,2139,298,1455],"class_list":{"0":"post-5994","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mlm-news","8":"tag-bangladesh","9":"tag-constant","10":"tag-mlms","11":"tag-ponzi","12":"tag-schemes","13":"tag-victim"},"_links":{"self":[{"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/posts\/5994"}],"collection":[{"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/comments?post=5994"}],"version-history":[{"count":1,"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/posts\/5994\/revisions"}],"predecessor-version":[{"id":5995,"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/posts\/5994\/revisions\/5995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/media\/5996"}],"wp:attachment":[{"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/media?parent=5994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/categories?post=5994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/30dayearningsformula.com\/wp-json\/wp\/v2\/tags?post=5994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}