Bangladesh betting network allegedly converted customer deposits into cryptocurrency for transfers abroad

Bangladesh’s Criminal Investigation Department (CID) said Friday it arrested four people in Khulna over an alleged online betting and money laundering network that collected funds through mobile financial service (MFS) numbers and bank accounts before converting them into cryptocurrency and sending money abroad.

The suspects were arrested during raids Wednesday night in Khan Jahan Ali and Khalishpur, CID said. Investigators identified them as Md Rakibul Islam, Ariful Islam Arzu, Sheikh Sakir Ahmed, and Mianul Islam Ayon.

CID special superintendent of police Sufi Ullah said the network frequently changed MFS numbers and bank accounts to avoid detection. Agents allegedly collected customer deposits, kept commissions, and transferred remaining funds through other accounts.

CID said the money was later converted into cryptocurrency through platforms including Binance and transferred abroad. A case was filed at Paltan Police Station under the Gambling Prevention Act, 2026. Investigators are seeking alleged masterminds and other associates.