Bangladesh’s Criminal Investigation Department has recovered more than $3.6 million from MTFE crypto fraud, marking a significant breakthrough in one of the country’s largest online financial scams.
The recovery was confirmed by Md Abul Bashar Talukder, Deputy Inspector General of the Cyber Police Center under the Criminal Investigation Department, during a briefing at CID headquarters in Dhaka.
Officials said the investigation began after a victim filed a complaint in August 2023, alleging financial losses from the MTFE platform, which had promised high returns through cryptocurrency and foreign exchange trading.
Further enquiries revealed that the platform operated as a Ponzi scheme, attracting investors through social media promotions and displaying fabricated digital balances to simulate profits. Many investors across Bangladesh were affected, with total losses running into several crore taka.
According to investigators, MTFE started operations in Bangladesh in mid-2022 and gained traction by offering initial payouts to build trust before abruptly shutting down in 2023.
CID traced the movement of funds through multiple cryptocurrency wallets, identifying approximately 3.6 million USDT stored on the international exchange OKX. Using blockchain analysis tools, investigators established links between the digital assets and the fraud network.
Authorities then coordinated with OKX’s legal team and international partners to initiate asset recovery procedures. Following a court order, the recovered funds were transferred to a government account opened at Sonali Bank.
An agreement with UK-based Asset Reality Limited facilitated the conversion of seized cryptocurrency into fiat currency. As a result, a total of $3,622,998, equivalent to more than Tk44.14 crore, was deposited into the CID account.
Officials said the operation was completed within a relatively short timeframe, supported by international cooperation, including assistance from United States agencies and diplomatic channels.
The case highlights growing concerns over crypto fraud and digital financial crime, as authorities continue to strengthen regulatory and enforcement mechanisms in response to emerging risks in the digital asset sector.
Investigations into the broader MTFE network remain ongoing, with officials indicating that further action may follow.
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