Photo : Messenger
About 16,000 innocent people from Bangladesh are now faced with the risk of losing crores of taka due to fishy and suspected transactions made by Onpassive, yet another scandalous company following almost identical business model of MTFE (Metaverse Foreign Exchange), a company that vanished with Tk 11,000 crore of investors' money.
Bangladesh Bank's Financial Intelligence Unit (BFIU) has revealed that Onpassive had managed to collect Tk 17.07 crore from approximately 16,000 customers under the guise of investments before the warning was issued.
Bangladesh Bank (BB) proactively disseminated notifications last month through various channels, including commercial bank websites and branch offices, alerting the general public to exercise caution.
Earlier in a recent financial scandal, the MTFE caused widespread concern after getting vanished with a staggering Tk 11,000 crore of general people’s money. Following this, the BFIU issued a notice cautioning the public against transactions involving Onpassive.
The alert from BFIU came after a meticulous monitoring of the transactions related to Onpassive, indicating a potential Ponzi scheme.
A senior official from BFIU told the Daily Messenger on condition of anonymity that they had been vigilantly observing the company for a considerable period. Drawing from past experiences of financial scams that have adversely impacted the people, the BFIU official emphasized the importance of exercising caution and noted that early warnings had been disseminated to mitigate potential harm.
“Additionally, in response to the alarming situation, a letter has been dispatched to the Criminal Investigation Department (CID) urging them to take swift action,” said the official
He further highlighted the unfortunate reality of a lack of awareness among the public. Despite past instances of fraudulent companies and scams, many individuals still invest in such ventures with hopes of substantial returns from minimal investments. The spokesperson disclosed that Onpassive has amassed around 16,000 customers over almost four years, and notably, none of them have reported receiving any returns. This absence of complaints has created a legal challenge, making it difficult to take action against the company.
The plight of the people falling victim to various MLM companies, including Destiny, Ehsan Group, and SPC, has left millions destitute. Although some investors have benefitted from the Metaverse Foreign Exchange (MTFE) group, the emergence of Onpassive has raised concerns.
Intelligence sources indicate that Onpassive has attracted over 1.4 million investors from multiple countries, collecting approximately Tk 1500 crore under the guise of investments. Shockingly, none of these investors have reported making any profits.
According to a source within the Criminal Investigation Department (CID), the total count of Onpassive investors stands at approximately 1.42 million. Each investor contributed $97, resulting in a total investment of around $13.77 million, equivalent to more than Tk 1515.88 crore in Bangladeshi Taka at the prevailing exchange rate of Taka 110 per dollar.
According to sources from the Criminal Investigation Department (CID), Onpassive has managed to recover at least 15.52 lakh dollars from Bangladesh thus far. The company's activities have affected individuals like Asif ul Islam, an executive in Dhaka, who invested in the hopes of increased profits to offset his higher expenses compared to his regular income.
Asif shared his experience to The Daily Messenger, “Three years ago, I invested $97 with the anticipation of substantial dividends. Despite promises of significant returns and Onpassive's organization of seminars to showcase their techniques, I have not received any returns on my investment.”
Furthermore, he expressed skepticism about receiving any money in the future, highlighting the company's shift from providing profits to enticing investors with additional investment opportunities.
Victims like Asif have disclosed that Onpassive has been operational in Bangladesh for approximately four years, presenting itself as a software development company since 2018. Despite their claims, the company has not launched any software, raising concerns about the legitimacy of their operations and the collection of funds from investors without delivering on promised returns or products.
BFIU chief Masud Biswas, in response to the situation, told The Daily Messenger, “Companies like these are not new in the country, with people often investing in them with at the hope of gaining significant returns on a small investment. Unfortunately, these ventures often result in losses for investors.”
Biswas noted that, unlike previous cases where individuals reported to the police after the companies disappeared, BFIU took proactive measures this time by keeping Onpassive's transactions under surveillance from the beginning due to their suspicious activities. He confirmed that he would be writing to the CID to take necessary actions, and he acknowledged that CID is already in the process of taking action.
Onpassive is reported to be a Dubai-based technology company specializing in software development. Headquartered in Burj Khalifa, Dubai, it has operational offices in the US, India, Singapore, Bangladesh, and Egypt.
The main founder of Onpassive is Ashraf Mufareh from the United States, who is now facing charges of fraudulent activity. The US Securities and Exchange Commission filed a case against Ashraf Mufareh and his wife, alleging that OnPassive fraudulently offered unregistered securities to investors and operated an illegal pyramid scheme. The complaint, filed in August of the previous year, highlighted the fraudulent nature of OnPassive's activities.
Established in 2018, OnPassive earned its founder title by requiring a $97 investment within the MLM system. This investment is reportedly retained in the nonpassive wallet of the concerned investor.
Messenger/Fameema
