Is MLM fraud back in disguise?
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It’s disturbing to learn of yet another mass-market-level consumer fraud that was reportedly committed exploiting legal financial channels to defraud thousands of people in various districts. According to a report by Prothom Alo, the group behind this is a multi-level marketing (MLM) company called Metaverse Foreign Exchange (MTFE) Group Inc. Its nature of exploitation is different from that of the now-defunct MLM company Destiny, but just as Destiny used customers to collect customers, it used “investors” to attract investors, using digital tools, a promise of lucrative returns on investments, and hired representatives on the ground to convince them.
All this happening even after the egregious precedents set by MLM companies like Destiny or Jubok – or latter-day players like UniPay2U or Evaly – is a big concern indeed. It means that there has been little improvement in financial governance in the country in all these years, as a result of which an estimated Tk 220 billion has been lost to MLM and e-commerce scams, unlikely to ever be returned in full to the victims.
Content retrieved from: https://www.thedailystar.net/opinion/editorial/news/mlm-fraud-back-disguise-3401836.
