Foreign travel ban issued on top officials of MTFE SL Group

A foreign travel ban was imposed on five top officials of the much-disputed trading platform MTFE Sri Lanka Group, on the orders of Colombo Chief Magistrate’s Court today (Aug. 11).

The order was issued after the Financial and Commercial Crimes Investigation Division presented facts to the court this morning.

However, it is reported that one of the five MTFE officials had already left the country for Dubai, UAE in the early hours of the day.

Earlier, the Central Bank had formally informed the court that it is best to initiate a separate probe under the Criminal Investigation Department while the said division conducts its own investigation. The Central Bank had also pointed out the need to impose an overseas travel ban on these officials.

Meanwhile, the Central Bank’s Resolution and Enforcement Department too has commenced a probe into the MTFE Sri Lanka Group. As per the facts uncovered thus far, the Central Bank has said the operations of this trading platform fall under the pyramid schemes system, which are prohibited in Sri Lanka.

The Metaverse Foreign Exchange (MTFE) Group, albeit being marked as a trading platform for forex, commodities, stocks and cryptocurrency, has been surrounded by controversy over its rather dubious presence.

Against this backdrop, the Central Bank has warned the members of the public that any involvement in pyramid schemes would be considered a punishable offense.

Advising people to remain vigilant of such schemes, the Central Bank stated that it is illegal to be involved, either directly or indirectly, in pyramid schemes, as such operations are banned in Sri Lanka.

In response to a query made by Ada Derana, the Resolution and Enforcement Department clarified that MTFE Sri Lanka Group is not a company registered with the Central Bank.