Criminal Investigation Department (CID) set a new precedent in the country’s history by recovering a vast amount of laundered cryptocurrency.
Special Superintendent of Police (Media), CID Jashim Uddin Khan confirmed the matter in a press release on Tuesday.
According to the press release, on 30 March, digital currency worth over Tk44 crore was successfully recovered, which had been laundered through the fraudulent online investment platform MTFE (Metaverse Foreign Exchange).
The recovery gained widespread international acclaim, with the US Embassy in Dhaka and the US Secret Service hailing the success because of the growing Bangladesh-US partnership and joint training. In recognition of this vital cooperation, the CID Chief sent an Appreciation Letter to the US Ambassador.
DIG of the Cyber Police Centre (CPC) Md Abul Bashar Talukdar said, “Our officials’ tireless efforts and cooperation from international partners made this first-ever recovery of laundered cryptocurrency possible.”
MTFE was a fraudulent cryptocurrency and forex trading platform that lured investors with fictitious profit data before suddenly shutting down in mid-2023 and laundering funds into various crypto-wallets.
During the CID investigation, around $3.6 million worth of USDT was identified on international cryptocurrency exchanges. Through advanced blockchain analysis and international cooperation, the funds were frozen.
Following a court order and with the assistance of a UK-based asset recovery firm, the digital assets were converted into legal tender and deposited into the government account at Sonali Bank.
CID’s CPC is continuing its investigation to uncover the full extent of the crime. Efforts are underway to identify the victims of the fraud to submit a report to the court, after which the recovered funds will be distributed.
Operations also continue to track and recover the remaining funds laundered through the MTFE Ponzi scheme.
