The Criminal Investigation Department (CID) has recovered more than $3.6 million laundered through the fraudulent online platform MTFE (Metaverse Foreign Exchange) which lured investors with promises of high returns from cryptocurrency and forex trading.
Cyber Police Center (CPC) DIG Md Abul Bashar Talukder disclosed this on Monday at a press briefing at the CID headquarters.
He said the case was initiated after a victim filed a complaint with Khilgaon Police Station on August 28, 2023 alleging that he had been defrauded of around Tk 2 lakh through the MTFE Ponzi scheme.
Subsequent investigations revealed that many investors had been deceived through the platform with total losses amounting to several crores of taka.
According to CID, MTFE began operations in Bangladesh in June 2022 and attracted investors through advertisements on social media platforms such as Facebook and YouTube, promising quick profits.
Users were shown digital dollar balances in virtual trading accounts but the transactions were entirely fake.
The scheme relied on displaying artificial profits to draw in new investors.
Initially, small amounts were returned to build trust but operations were abruptly shut down around 2023, after which the perpetrators disappeared.
CID said the funds were transferred abroad through multiple cryptocurrency wallets.
Investigations found that about 3.6 million USDT (Tether) obtained through fraud was stored on the international cryptocurrency exchange OKX.
Using blockchain analysis tools, CID established links between the funds and the fraud network and later contacted OKX’s legal team to initiate recovery procedures.
Following a court order, a government account was opened in the name of CID at Sonali Bank’s Malibagh branch.
An agreement was also signed with UK-based Asset Reality Limited to convert the seized cryptocurrency into fiat currency.
After completing the process, a total of $3,622,998 — equivalent to more than Tk 44.14 crore — was deposited into the account.
CID officials said the recovery was achieved within a relatively short time with support from the United States and other international agencies, along with diplomatic assistance.