CID recovers Tk44.14cr laundered abroad through crypto fraud
A victim filed a case at Khilgaon Police Station on 28 August 2023 alleging he was cheated after investing around Tk2 lakh in the MTFE investment app
Bangladesh Police's Criminal Investigation Department (CID) has recovered $3.6 million (about Tk44.14 crore) laundered abroad through the MTFE Ponzi scheme. The funds, which were held on the China-based cryptocurrency exchange OKX, were repatriated to Bangladesh with the help of UK-based Asset Reality Limited.
MTFE, short for Metaverse Foreign Exchange, had promised high returns through cryptocurrency and forex trading, tricking many investors. Deputy Inspector General Md Abul Bashar Talukdar said the recovery comes after a detailed investigation into the fraudulent platform.
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, alleging he was cheated after investing around Tk2 lakh in the MTFE investment app.
MTFE, short for Metaverse Foreign Exchange, started in Bangladesh in June 2022, promoted heavily on Facebook and YouTube with promises of easy income from home. Users were asked to download an app, create virtual accounts, deposit cryptocurrency, and log in daily to earn up to 30% monthly, with extra rewards for recruiting others.
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In reality, account balances were fake, profits and losses fabricated, and actual funds were sent abroad facilitating large-scale money laundering from Bangladesh. Claiming registration in Canada but having no local office, MTFE relied on user "team leaders" to attract investors. The scheme spread rapidly through social media, enticing both urban and rural investors, and collapsed by mid-2023, leaving hundreds of thousands defrauded.
CID findings
CID investigations revealed that part of the defrauded funds – approximately 3.6 million USDT (Tether) – was stored on OKX. Using blockchain analysis tools such as Chainalysis Reactor, authorities confirmed that the funds were linked to the MTFE fraud network. OKX's legal team agreed to cooperate in repatriating the funds through formal legal procedures.
With the active involvement of CID's Cyber Police Centre and international collaboration, the repatriation process was initiated. Following court intervention, a joint account was opened at the state-owned Sonali Bank's Malibagh branch to receive and safeguard the funds.
In line with directives from the Ministry of Home Affairs, CID signed an agreement with UK-based Asset Reality Limited to convert the stolen cryptocurrency into legal tender and transfer it to the government account.
As a result, $3,622,998 – equivalent to about Tk44.14 crore at current rates – was deposited into CID's account at Sonali Bank. DIG Talukdar credited cooperation from US-based agencies and bilateral diplomatic support for enabling the recovery in less than three years since the case was filed.
He added that CID's Cyber Police Centre is continuing investigations to uncover the full scope of the crime, identify victims, and recover remaining funds. Reports on victims will be submitted to the court, and arrangements will be made to return funds to them in accordance with court directives. Efforts to trace and repatriate other amounts embezzled through the MTFE Ponzi scheme remain ongoing.
