ringID embezzles over Tk 212cr in 3 months; director arrested
Social media platform ringID allegedly embezzled more than Tk 212 crore in just three months.
"Saiful Islam (41) was arrested from the capital's Gulshan yesterday after a 'RingID' user filed a case on September 30 against 10 people including its owner, his wife and employees," confirmed Rezaul Masud, CID special superintendent of police (Cyber Intelligence and Risk Management).
The case was filed at the Bhatara Police Station under the Digital Security Act and Multi-Level Marketing Control Act.
After the case was filed, Criminal Investigation Department conducted a drive and arrested Saiful, also a brother of "RingID" owner Shariful Islam.
"ringID" allegedly embezzled more than Tk 212 crore in just three months by luring people to earn money online. The platform received Tk 23.94 crore in May, Tk 109 crore in June and Tk 79.38 crore in July, a CID press release said today.
During the primary interrogation, Saiful said he had no authorisation over collecting such deposits from users, said the release.
According to CID, "RingID" first started its journey as a social media platform. Later, it added various services through which they started taking money from users.
Like the e-commerce sites, "RingID" were also conducting transactions through e-wallets in the name of selling various products at unusual discounts, added the release.
Bangladesh Bank has already been requested to freeze their bank accounts to curb money laundering, CID also mentioned in the press release.
Comments