Bangladesh’s Criminal Investigation Department (CID) has recovered $3.6 million tied to the MTFE MLM Ponzi scheme.
MTFE
, or Metaverse Foreign Exchange, was an MLM crypto Ponzi fronted by Masud Al Islam.
Islam is a Bangladesh national who hides out in Dubai. From Dubai, the
MLM crime capital of the world
, Islam has a history of defrauding consumers through multiple MLM Ponzi schemes.
MTFE
collapsed
in August 2023. Losses from thousands of Bangladeshis prompted an investigation by the CID.
As
reported by The Daily Star
on March 29th;
The CID has recovered around $3.622 million that was collected from people and siphoned abroad through the MTFE scam.
The funds were deposited on March 14 by Asset Reality Limited, a firm assigned to handle the process of receiving the funds, and routed through JPMorgan Chase Bank to Sonali Bank’s head office, a senior CID official said on condition of anonymity.
The $3.6 million was recovered from the cryptocurrency exchange OKX, with the assistance of the US Secret Service, FBI and DOJ.
According to CID sources, the recovered money will be distributed among victims through a court-supervised process after verification of claims and supporting documents.
Individuals will not be able to claim funds directly. Officials said the judicial route was chosen to ensure transparency and accountability.
While recovery of funds is a start, Bangladesh authorities have thus far been unable to apprehend Masud Al Islam.
As of March 2026, Islam is believed to still be large in Dubai and the wider UAE. Total MTFE victim losses remain unknown.
🤖 Quick Answer
How much money did Bangladesh's CID recover from the MTFE Ponzi scheme?Bangladesh's Criminal Investigation Department recovered approximately $3.622 million linked to the MTFE (Metaverse Foreign Exchange) MLM crypto Ponzi scheme. The funds, which had been siphoned abroad, were deposited on March 14 by Asset Reality Limited, a firm assigned to handle the recovery and repatriation process.
What was MTFE and who operated it?
MTFE, or Metaverse Foreign Exchange, was a multi-level marketing cryptocurrency Ponzi scheme fronted by Masud Al Islam, a Bangladeshi national operating from Dubai. Islam has a documented history of defrauding consumers through multiple MLM Ponzi schemes, using Dubai as his base of operations.
When did the MTFE Ponzi scheme collapse?
The MTFE scheme collapsed
📰 Aggiornamenti e Notizie Correlate
(aggiornato al 17/04/2026)1. "Judge Shuts Down Crypto Fraud, Orders $228M Returned to Trust-Exploited Investors" - AInvest — Wed, 20 Aug 2025 10:26:50 GMT
- A U.S. judge ordered Eddy Alexandre and EminiFX to pay $228.5M in restitution for a crypto Ponzi scheme defrauding 25,000+ investors via fake 5-9.99% AI return promises. A federal judge in New York has ordered Eddy Alexandre and his company EminiFX to pay $228.5 million in restitution to victims o…2. Jefferies Steered Feds To $200M Water Ponzi Case, Judge Told - Law360 — Wed, 21 Jan 2026 20:38:00 GMT
Jefferies Steered Feds To $200M Water Ponzi Case, Judge Told. Two men charged in connection with an allegedly massive water-vending Ponzi scheme were investigated after counsel for investment giant Jefferies — one defendant's former employer — walked the case into the... To view the full article, …
3. HashFlare founders given time served for $577M crypto Ponzi - Cointelegraph — Wed, 13 Aug 2025 02:35:22 GMT
HashFlare founders given time served for $577M crypto Ponzi HashFlare co-founders Sergei Potapenko and Ivan Turõgin were given time served for admitting their roles in a $577 million scheme; prosecutors say they’re weighing an appeal. HashFlare founders given time served for $577M crypto Ponzi The…
4. ENFORCEMENT—S.D. Tex.: SEC wins jury trial in $300 million crypto fraud (Feb 13, 2026) - VitalLaw.com — Fri, 13 Feb 2026 00:00:00 GMT
Securities Regulation Daily Wrap Up, ENFORCEMENT—S.D. Tex.: SEC wins jury trial in $300 million crypto fraud, (Feb 13, 2026). + ENFORCEMENT—S.D. Tex.: SEC wins jury trial in $300 million crypto fraud. The SEC announced it obtained a jury verdict against a lead operator of a $300 million crypto fra…
5. SEC Unplugs Texas Crypto Miner, Alleging $5.6 Million Ponzi Scheme Fueled by Lavish Spending - WebProNews — Mon, 26 Jan 2026 13:20:07 GMT
The SEC has charged Geosyn Mining and its founders with orchestrating a $5.6 million Ponzi scheme, luring investors with promises of high returns from crypto mining rigs that barely existed. The U.S. Securities and Exchange Commission has leveled fraud charges against a Texas-based crypto asset mini…6. FBI Fleeing Fugitive Scoots Underwater from Ponzi to Pond w/ Kyle Gordon - iHeart — Tue, 22 Jul 2025 06:59:23 GMT
FBI Fleeing Fugitive Scoots Underwater from Ponzi to Pond w/ Kyle Gordon - Scam Goddess | iHeart ### FBI Fleeing Fugitive Scoots Underwater from Ponzi to Pond w/ Kyle Gordon This week, Laci welcomes Kyle Gordon _(The Simpsons, Kyle Gordon Is Great)_ togiggle over Matthew Piercey, who ran a $35 milli…🔗 Related Articles
- Avlitex trading fraud warning from Belgium
- MainetX Review: Ciprian Ciceu’s fifth Ponzi reboot
- XAB Club Review: Rehan Gohar’s 6th MLM Ponzi
- Blockchain Sports scammers hiding in Russia
- MTS Foundation & ToFro fraud warning from Belgium