As financial scams keep unfolding in the country, members of Criminal Investigation Department (CID) arrested Saiful Islam, director of ringID, a social media platform, from Gulshan in the capital on Friday on charge of misappropriating huge money.

The arrest followed a case filed by an aggrieved person against 25 people, including 10 named and 15 unnamed ones, with Bhatara police on September 30.

CID’s Cyber Police Centre started investigation into it.

During primary interrogation, Saiful admitted that his organization, the ringID, did not get any approval from the authorities concerned to collect deposits from users.

Read: E-commerce firms like Evaly, E-orange to face action: DMP

Though the ringID started its journey as a social media platform, it later started collecting deposits from people advertising various value-added services, including foreign investment, community jobs and other services in the social media platform. 

The controversial social media platform allegedly embezzled over Tk 200 crore in just three months this year by alluring people in its investment (Ponzi) scheme promising online income. 

Of the money, it received Tk23.94 crore in May, Tk109.13 crore in June and Tk79.38 crore in July from community job sector, according to a CID press release.

The CID has already requested the Bangladesh Bank to freeze all the bank accounts of the ringID so that it cannot launder the money, which was…

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