CID recovers Tk 440m laundered money

The Criminal Investigation Department (CID) has recovered over Tk 440 million (Tk 44.14 crore/ around $3.6 million) in cryptocurrency laundered abroad through Metaverse Foreign Exchange (MTFE).
Deputy Inspector General of CID Md Abul Bashar Talukdar disclosed the development to the media at a press briefing at CID headquarters in the capital's Malibagh area on Monday.
He said that the recovery followed an investigation into the MTFE Ponzi scheme, which lured investors with promises of high returns through cryptocurrency and forex trading.
He said that a victim filed a case at Khilgaon Police Station on 28 August 2023 under the Multi-Level Marketing Activities (Control) Act, 2013, and the Digital Security Act, 2018, reporting a loss of 0.2 million ( Tk 2 lakh).
Md Abul Bashar Talukdar said that investigators found users' funds were collected in MTFE's main wallet and distributed across multiple crypto wallets, laundering large sums abroad.
Using blockchain analysis, CID traced approximately $3.6 million on the international exchange OKX. OKX authorities cooperated in returning the funds through legal channels.
Following court orders, a joint account titled "CID, Bangladesh Police" was opened at Sonali Bank PLC, Malibagh branch. CID also signed an agreement with UK-based Asset Reality Limited to convert the cryptocurrency into fiat currency.
A total of $3,622,998, equivalent to Tk 440 million or Tk 44,14,62,303, was successfully deposited in the CID account.
Officials noted that international cooperation, particularly with US-based agencies and Bangladesh-US mutual legal assistance, was key to the recovery achieved within three years of filing the case. CID's Cyber Police Center continues to investigate the full scope of the fraud, identify victims, and recover the remaining laundered funds.
CID investigations revealed that MTFE started operations in Bangladesh in June 2022, promoting its platform widely on Facebook and YouTube.
The platform attracted users with promises of high profits, showing fake gains in virtual trading accounts that were entirely fictitious. Initially, some returns were paid to gain investors' trust. The scheme expanded rapidly in early 2023 but collapsed abruptly later that year.
Authorities said recovered money will be returned to affected investors following court directives.
CID's Cyber Police Center continues to investigate the full scope of the fraud, identify victims, and recover the remaining laundered funds. Authorities said recovered money will be returned to affected investors following court directives.
Metaverse Foreign Exchange Group Inc (MTFE) is an alleged AI-based, multi-level marketing (MLM) trading platform that became popular in Asia before halting withdrawals, leading to accusations of a $1 billion scam. Regulators in Canada (OSC) flagged it as unregistered, and it has no connection to legitimate, regulated forex trading, primarily operating as a high-risk scheme.

talhabinhabib@yahoo.com