RingID director Saiful remanded for two days...

Dhaka, Sunday   17 October 2021

RingID director Saiful remanded for two days

 Staff Correspondent daily-bangladesh.com

 Published: 05:28 PM, 2 October 2021  

RingID director Saiful Islam; File Photo

RingID director Saiful Islam; File Photo

A court in Dhaka today has granted a two-day remand to Saiful Islam, director of social media platform RingID, in a case filed under the Digital Security Act with Bhatara police station in the capital. 

Dhaka Metropolitan Magistrate Sadbir Yasir Ahsan Chowdhury’s court granted the remand after a court hearing on Saturday. 

On the day, Saiful Islam was produced before the Dhaka Metropolitan Magistrate’s Court. CID SI Sohail Rana, the investigating officer of the case, then appealed to remand him for five days for proper investigation of the case. Following the hearing, the court granted him a two-day remand.

Earlier, Saiful Islam was arrested from the Gulshan area in ​​the capital on Saturday.

On September 30, a victim named Akhi Begum mentioned 10 people and filed a lawsuit against 15 unidentified accused under the Digital Security Act and the Multi-Level Marketing Control Act with the Bhatara police station in the capital. As the case was scheduled, the CID’s Cyber ​​Police Center started an investigation.

The other accused in the case are – Shariful Islam, Irene Islam, Salahuddin, Ahsan Habib, Rafiqul Islam, Nazmul Hasan, Abdus Samad, Redwan Rahman and Rahul.

The lawsuit alleges that a digital fraudster used to sell coins under the guise of RingID and collect money through electronic transactions. Defendants have persuaded people to invest in RingID as an easy way to earn money. 

In 2019, plaintiff Akhi Begum, her two brothers and her nephew invested a total of Tk 86,000 in a few steps. One of Akhi’s brothers was able to withdraw only a small amount of money once. But after that, he did not get any profit, did not get the return of the original amount of investment.  

According to CID, RingID embezzled Tk 23.94 crore in May, Tk109.13 crore in June and Tk 79.38 crore in July.

A CID official said Bangladesh Bank has been requested to freeze all of RingID’s bank accounts to ensure that the platform cannot siphon off the embezzled money overseas.

Like many other controversial e-commerce platforms, RingID has been attracting customers with lucrative discounts.

Meanwhile, the Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank has sought RingID’s bank account information.

Recently, several media reports and allegations brought by people on social media claimed that RingID had acquired Tk1,080 crore from people by offering jobs as agents and brand promoters in exchange for money.