The Criminal Investigation Department (CID) has recovered approximately Tk44.14 crore (around $3.6 million) in cryptocurrency smuggled abroad through MTFE (Metaverse Foreign Exchange), an online investment platform used to commit fraud.
The recovery follows an investigation into the MTFE Ponzi scheme, which lured investors with promises of high returns through cryptocurrency and forex trading, CID Deputy Inspector General Md Abul Bashar Talukdar said in a briefing at CID headquarters today (30 March).
A victim filed a case at Khilgaon Police Station on 28 August 2023 under the Multi-Level Marketing Activities (Control) Act, 2013, and the Digital Security Act, 2018, reporting a loss of Tk2 lakh. CID investigations revealed that MTFE started operations in Bangladesh in June 2022, promoting its platform widely on Facebook and YouTube.
The platform attracted users with promises of high profits, showing fake gains in virtual trading accounts that were entirely fictitious. Initially, some returns were paid to gain investors’ trust. The scheme expanded rapidly in early 2023 but collapsed abruptly later that year.
Investigators found users’ funds were collected in MTFE’s main wallet and distributed across multiple crypto wallets, laundering large sums abroad. Using blockchain analysis, CID traced approximately $3.6 million on the international exchange OKX. OKX authorities cooperated in returning the funds through legal channels.
Following court orders, a joint account titled “CID, Bangladesh Police” was opened at Sonali Bank PLC, Malibagh branch. CID also signed an agreement with UK-based Asset Reality Limited to convert the cryptocurrency into fiat currency.
A total of $3,622,998, equivalent to Tk44,14,62,303, was successfully deposited in the CID account.
Officials noted that international cooperation, particularly with US-based agencies and Bangladesh-US mutual legal assistance, was key to the recovery achieved within three years of filing the case.
CID’s Cyber Police Center continues to investigate the full scope of the fraud, identify victims, and recover the remaining laundered funds. Authorities said recovered money will be returned to affected investors following court directives.
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