CID recovers Tk 44 crore in cryptocurrency linked to MTFE Ponzi Scam
File Photo
DHAKA, March 30, 2026 (BSS) – The Criminal Investigation Department (CID) has successfully recovered approximately Tk 44.14 crore (around US$ 3.6 million) in cryptocurrency that was smuggled abroad through the fraudulent online investment platform MTFE (Metaverse Foreign Exchange).
The recovery follows an extensive investigation into the MTFE Ponzi scheme, which lured investors with promises of high returns through cryptocurrency and forex trading, said a press release of the CID.
A case was initially filed with Khilgaon Police Station under relevant sections of the Multi-Level Marketing Activities (Control) Act, 2013 and the Digital Security Act, 2018, after a victim reported being defrauded of Tk 2 lakh.
The CID investigations revealed that MTFE began operations in Bangladesh in June 2022, aggressively promoting its platform via Facebook and YouTube.
It attracted a large number of users by offering seemingly lucrative profits.
Investors were shown fake gains through virtual trading accounts, creating a false sense of legitimacy.
The scheme expanded rapidly in early 2023 but collapsed abruptly later that year, leaving thousands of investors defrauded.
Authorities found that users’ funds were funneled into a central wallet and then distributed across multiple cryptocurrency wallets, effectively laundering large sums of money abroad.
Using blockchain analysis tools, CID traced approximately 3.6 million USDT (Tether) to accounts on the international cryptocurrency exchange OKX. Upon being contacted, OKX authorities cooperated and expressed willingness to return the funds through legal channels.
Following court orders, a joint government account titled “CID, Bangladesh Police” was opened at Sonali Bank PLC’s Malibagh branch to receive the recovered funds.
Additionally, a formal agreement was signed with UK-based Asset Reality Limited to facilitate the conversion of cryptocurrency into fiat currency.
Through this process, a total of US$ 3,622,998 was successfully converted and deposited into the CID’s account, equivalent to Tk 44,14,62,303 at current exchange rates.
Officials noted that international cooperation, particularly with US-based organizations, and Bangladesh-US mutual legal assistance played a key role in the recovery-achieved within three years of filing the case.
The CID’s Cyber Police Center (CPC) is continuing the investigation to uncover the full scope of the fraud, identify victims, and recover the remaining laundered funds.
The authorities have assured that necessary steps will be taken to return the recovered money to affected investors following court directives.