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.