How CID traced and recovered Tk 44 crore from crypto fraudsters

The Criminal Investigation Department (CID) of police has recovered a significant portion of money smuggled abroad through 'Metaverse Foreign Exchange' (MTFE), an online fraudulent investment platform that lured victims with promises of high returns in cryptocurrency and forex trading.

DIG Md Abul Bashar Talukder of CID's Cyber Police Centre (CPC) revealed at a press conference held in the capital's Malibagh on Monday, March 30, that the recovered amount is approximately 3.6 million US dollars, equivalent to over Tk 44 crore in Bangladeshi currency.

He said the fraud came to light after a case was filed at Khilgaon Police Station on August 28, 2023. One victim was defrauded of approximately Tk 2 lakh after investing. However, investigation revealed that countless people had lost crores of taka through this syndicate.

The investigation uncovered that MTFE began operations in Bangladesh in June 2022. Investors were lured through advertisements on Facebook and YouTube promising fast and high profits. While users were shown virtual profits in their accounts, these transactions were completely fictitious.

After initially building trust by returning some money to early investors, the platform suddenly shut down in mid-2023. Subsequently, investors' money was smuggled abroad through various crypto wallets.

CID stated that approximately 3.6 million dollars of the smuggled money was stored in the international crypto exchange OKX. Through blockchain analysis, the money's connection to the fraud syndicate was confirmed. With cooperation from OKX's legal team, the money was recovered through legal proceedings.

Following court orders, a government account was opened in CID's name at Sonali Bank's Malibagh branch, and the cryptocurrency was converted into legal currency through UK-based Asset Reality Limited.

After completing all procedures, 3,622,998 US dollars, equivalent to approximately Tk 44.14 crore, has been deposited into that account, CID informed.

The organisation further stated that the recovery was made possible through cooperation with various international agencies and diplomatic channels. The investigation into the case is ongoing, and the process of identifying victims and returning the money will begin following court directives. Meanwhile, operations to recover the remaining money continue.