Ring ID director. Saiful Islam was arrested from Gulshan area around 12 noon on Friday by the Criminal Investigation Department (CID). The CID said there were two cases in his name under the Digital Security Act and the Multilevel Marketing Control Act at Bhatara police station. In just three months, Ring ID has collected more than Rs 213 crore from depositors, CID said.
The CID further said that during the preliminary interrogation, Saiful said that neither he nor his organization had taken permission to take the deposit. The CID will seek a five-day remand to find out who else is involved in the ring ID activities, where and how the depositors’ money is kept.Advertising
According to the CID press release, two cases were registered against Saiful Islam at Bhatara police station on September 30. Ring ID first debuted as a common platform through social media. Later they started collecting investments from depositors with promises of various services. Among the services they promised were mainly foreign investment and community jobs. They also collect donations during Corona.
The Ring ID was already under surveillance by the Cyber Police Center. Seeing the suspicious work, the CID later requested the Financial Intelligence Unit (BFIU) of Bangladesh Bank to collect information about the ring ID. BFIU has started their search activities. On the other hand, according to its own investigation, the Cyber Police Center has found that Ring ID collected Rs 23.94 crore in May, Rs 109.93 crore in June and Rs 79.36 crore in July, showing greed to earn in the community jobs sector. Bangladesh Bank has also been asked to freeze its bank accounts so that they do not smuggle money out of the country illegally during the legal process.
Many also invest in these sectors for profit. The same person who lost money by investing appeared at Bhatara police station and filed a case mentioning the names of 10 people. Another 10 to 15 unidentified people were accused in the case. Cases have been filed against Ring ID in several other districts outside Dhaka.

