CID Recovers Tk 440 Million from MTFE Scam
The Criminal Investigation Department (CID) of Bangladesh Police has announced the recovery of nearly Tk 440 million that had been siphoned off through the fraudulent online trading platform Metaverse Foreign Exchange (MTFE). In a statement issued late Sunday night, CID confirmed that the funds had been brought back and said further details would be shared at a press briefing on Monday.
CID’s Special Superintendent (Media) Jasim Uddin Khan stated, “A portion of the laundered money has been recovered. More information will be disclosed on Monday.” CID chief Mosleh Uddin Ahmed added that the funds had already been deposited into a CID account at Sonali Bank, and subsequent steps would be taken under court directives. According to sources, Asset Reality Ltd. processed the recovery, depositing the funds on March 14. The money was transferred via JPMorgan in the United States to Sonali Bank’s Dhaka headquarters. Bangladesh Bank and the courts will oversee the verification of victims before distribution.
The recovery follows Bangladesh’s participation in the Global Fraud Summit held in Vienna two weeks ago, where Home Minister Salahuddin Ahmed highlighted the scale of financial scams affecting the country. He revealed that digital scams, MLM Ponzi schemes, and corporate fraud had cost Bangladesh an estimated Tk 2.1 trillion over the past 15 years. The minister also expressed concern over recent scams involving MTFE and other controversial e-commerce platforms.
Investigators at CID’s Financial Crime and Cyber Police Center reported that MTFE alone was responsible for laundering approximately Tk 110 billion. Thousands of victims across Dhaka, Rajshahi, Barishal, Cumilla, Kushtia, Brahmanbaria, Satkhira, and northern districts were affected. With international cooperation, authorities identified and seized crypto assets worth around Tk 450 million.
MTFE, a Dubai-based online trading platform operating under MLM methods, came under scrutiny in mid-2022. By 2023, it had opened offices in Rajshahi, Cumilla, and Barishal, but soon shut down operations and disappeared from Bangladesh after widespread media reports exposed its fraudulent activities. On August 28, 2023, a victim named Maruf Rahman Mahim filed a case under the Digital Security Act at Khilgaon Police Station, naming MTFE Bangladesh Chairman Mohammad Masud Alam, agent Mobashirul Ebad, and 50–60 others as accused. CID later took over the investigation.
Authorities say the recovered funds mark a significant step toward compensating victims, with further legal and financial processes underway
DBTech/NHT/EK
