The Criminal Investigation Department (CID) has successfully recovered approximately $3.622 million (about Tk 44.45 crore) that was collected from victims and transferred abroad through the MTFE scam.
The funds were returned last week via the SWIFT banking system to Sonali Bank’s principal branch and are expected to be credited to the CID’s account soon, according to Additional DIG Mohammad Bashir Uddin. The amount was deposited on March 14 by Asset Reality Limited, a company assigned to handle the repatriation process, and routed through JPMorgan Chase Bank.
However, the transfer has not yet been completed as additional documentation was requested on March 24 for transactions exceeding $20,000. Officials say the required documents have now been submitted, and the funds are expected to be credited shortly.
CID officials described this recovery as a significant achievement in combating cross-border financial crimes, marking the country’s first successful repatriation of funds from an overseas account following such a scam.
The MTFE (Metaverse Foreign Exchange) platform rapidly expanded in Bangladesh using an MLM model, attracting investors with promises of high returns from cryptocurrency and forex trading. It began operations around June 2022 and grew quickly in early 2023, offering users virtual trading accounts that displayed deposits as digital currency.
Investigations later revealed that the platform manipulated data to create fake profits and losses, maintaining an illusion of legitimacy. Early payouts were made to build investor trust, but by mid-2023, withdrawals were blocked and the platform disappeared.
Authorities estimate that around Tk 11,000 crore was siphoned off, affecting thousands of investors across several districts in Bangladesh. One victim filed a case in August 2023, which was later transferred to the CID.
Investigators found that the virtual balances were entirely fictitious, with funds being moved through MTFE-linked wallets and later distributed across multiple cryptocurrency exchanges, including OKX.
With international cooperation, including support from Sri Lankan authorities, the U.S. Embassy in Dhaka, the FBI, and other agencies, CID traced and seized crypto assets worth around Tk 45 crore.
To facilitate recovery, CID partnered with Asset Reality Limited in November. The firm converted the seized cryptocurrency into U.S. dollars and transferred the proceeds to Bangladesh, charging a 2.5% fee.
The recovered funds will be distributed among victims through a court-supervised process after verifying claims and supporting documents. Individuals will not be able to claim the funds directly to ensure transparency and accountability.
