In a landmark achievement for Bangladesh’s financial law enforcement, the Criminal Investigation Department (CID) of the Bangladesh Police has successfully recovered approximately $3.62 million (equivalent to roughly Tk 44.45 crore) laundered abroad through the fraudulent cryptocurrency platform MTFE (Metaverse Foreign Exchange).
This recovery marks a significant milestone as it involves the complex retrieval of digital assets from international jurisdictions to compensate thousands of victims devastated by the multi-level marketing (MLM) scam.
A Complex International Operation
The recovery was made possible through a rigorous investigation and strategic partnerships with international agencies. The CID collaborated with Asset Reality Limited, a global asset recovery firm, and JPMorgan Chase Bank to trace, seize, and repatriate the funds.
Md. Abul Bashar Talukdar, DIG of CID’s Cyber Police Centre, told media, “It is a major success. Through intensive investigation and international cooperation, we have managed to bring back nearly Tk 44.5 crore laundered via cryptocurrency. Our investigation is ongoing, and further details will be provided soon.”
Timeline of the Recovery
According to CID’s Financial Crime Unit, the process reached its final stages earlier this month:
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March 14: Asset Reality Limited deposited the recovered funds into a designated channel.
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March 24: JPMorgan Chase Bank requested additional documentation for the transfer, as per standard regulations for transactions exceeding $20,000.
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March 29: Following the completion of all legal formalities, the funds were officially credited to the CID’s account at Sonali Bank.
The Mechanics of the MTFE Scam
The investigation revealed that MTFE began operations in mid-2022, gaining massive popularity by early 2023. The platform operated as an MLM scheme, luring investors with promises of high returns from Forex trading and cryptocurrency, even using the guise of financing “movie productions.”
“The entire operation was a controlled fraud,” said Additional DIG Mohammad Bashir Uddin. “Investors were shown imaginary profits on virtual dashboards. In reality, their money was being funneled into various international crypto wallets.”
When the platform abruptly shut down in mid-2023, it left thousands of investors across districts like Dhaka, Rajshahi, Comilla, and Satkhira in financial ruin. Total losses across the country are estimated to be as high as Tk 11,000 crore.
How Victims Will Get Their Money Back
While the recovery of Tk 44.45 crore is a fraction of the total alleged loss, it represents a verified legal pathway for restitution.
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Current Status: The funds are held in a secure Sonali Bank account under the CID’s name.
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Legal Process: As the case is still sub-judice (under trial), the distribution will be governed by court orders.
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Verification: Once the court and Bangladesh Bank provide specific directives, the CID will begin a transparent verification process to identify genuine victims and distribute the funds accordingly.
The CID has confirmed that Asset Reality Limited charged a 2.5% service fee for converting the seized crypto assets into USD and facilitating the transfer.
