CID strives to recover $126.4m lost in MTFE scam after $3.6m recovery

The Criminal Investigation Department (CID) of Bangladesh Police has recovered around US$3.6 million laundered abroad through the fraudulent online trading platform Metaverse Foreign Exchange (MTFE).
The agency is continuing efforts to recover a further $126.4 million lost in the same scam.
CID Additional DIG Abul Bashar Talukder disclosed the information at a press briefing at the force headquarters in Dhaka on Monday.
He said MTFE was a fraudulent online investment platform that lured people with promises of high returns from cryptocurrency and forex trading.
CID Special Police Superintendent (Media) Jasim Uddin Khan told the Daily Sun that efforts to recover the remaining funds are ongoing, “although the exact location of the money has yet to be identified.”
On 28 August 2023, a victim named Maruf Rahaman Mahim filed a case with Khilgaon Police Station, reporting a loss of Tk2 lakh.
The case, filed under the then Digital Security Act, accused MTFE chairman Mohammad Masud Alam, agent Mobashirul Ebad, and 50 to 60 unnamed individuals. It was later transferred to the CID.
During the investigation, the CID found that MTFE began operations in Bangladesh in June 2022 and expanded rapidly through social media.
After initially paying some investors to gain trust, the platform shut down around mid-2023, leaving thousands unable to withdraw their money. Victims from Rajshahi, Cumilla, Barishal and other parts of the country reported losing their savings, while the company later closed its offices and disappeared.

CID investigators found that funds were laundered abroad through cryptocurrency wallets, with fake profits shown in virtual accounts. Part of the money was held in international crypto exchanges.
After learning that Sri Lankan authorities had recovered MTFE-linked funds from the same platform, the CID contacted international exchange OKX, which cooperated in returning the funds through legal channels.
Following a court order, a “CID, Bangladesh Police” account was opened at Sonali Bank PLC to deposit the recovered funds. With assistance from UK-based Asset Reality Limited, the cryptocurrency was converted into legal currency and brought back to Bangladesh last week.
Jasim Uddin Khan said victims would be repaid in accordance with court orders to ensure transparency, adding that efforts to recover the remaining funds are ongoing.
Two weeks ago, Home Adviser Salahuddin Ahmed raised the issue of money laundering at the Global Fraud Summit in Vienna, stating that Bangladesh had lost about Tk21,000 crore over the past 15 years to such digital scams.

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