The Ring ID, a social media and e-commerce platform, has illegally collected Tk 2.12 billion (Tk 212.45 crore) from around 120,000 people in just three months alluring them of a handsome monthly return.
The platform amassed the money in the name of investment in its community jobs sector in May, June and July in the running year and embezzled a large portion of the amount, said Rezaul Masud, special superintendent of police at the Cyber Police Centre (CPC) of the Criminal Investigation Department (CID).
The CID official said a victim filed a case against the Ring ID, following which the CPC arrested one of its directors from the capital’s Gulshan area on Friday.
The arrestee is Saiful Islam, 41, son of Sirajul Islam of Kalainagar at Soyfullahkandi in Bancharampur upazila of Brahmanbaria district.
A Dhaka court has granted a two-day remand for the accused after the law enforcers produced him before the court and sought a five-day remand.
The SSP said, “Ring ID illegally collected Tk 239.4 million (23.94 crore) in May, Tk 1.0913 billion (109.13 crore) in June and Tk 793.8 million (79.38 crore) in July from its members,” he said.
The authorities of the platform circulated advertisements on their social media accounts and other ways, stating that if anybody would invest Tk 12,000 to 22,000 in the Community Jobs sector, he or she would be paid Tk 7,500 to 15,000 every month as income.
Ring ID was first launched as a social media platform, but later it launched different services, including Foreign Investment and community jobs. The authorities of the site began to collect money from people in the name of investment in the sectors which was a trick to emblaze money, said the CID.
Being allured, a large number of people from different parts of the country began paying money of various amounts as investments. More than 120,000 people invested in the platform. The social media platform has around 20 million users.
The authorities of the online platform also collected money in the name of donation during the nationwide lockdown enforced for the Covid-19 pandemic. They embezzled huge money from customers luring them on big discount offers.
Being deceived, a victim lodged a case mentioning names of 10 owners and executives and 10 to 15 unknown others with Vatara Police Station on September 30. Following the filing of the case, the Cyber Police Centre (CPC) of the Criminal Investigation Department (CID) arrested Saiful Islam. The CPC already sent a letter to Bangladesh Financial Intelligence Unit (BFIU) requesting it to carry out an investigation.
As per the request, the BFIU began investing in the matter. The CPC also sent a letter to Bangladesh Bank (BB) requesting it to freeze all the accounts of the platform to prevent money laundering.
CPC said several cases were already filed against the authorities of the Ring ID with various police stations of the country. Rezaul Masud, special superintendent CPC, said if any victim wanted to file case against the online site, they would help them in this regard.