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The Bangladesh Bank has seized about Tk200 crore in RingID’s three bank accounts for doubts on money laundering. There are also plans to transfer the founders of the company from Canada and arrest them in Bangladesh.
According to CID’s Cyber Police Centre Special Superintendent Rezaul Masud, the Criminal Investigation Department (CID) has requested the Bangladesh Bank to ban RingID’s accounts on suspicion of money being smuggled off overseas. Some payment gateway service providers, such as Foster and SSL, he alleged, were implicate in money laundering.
According to Rezaul, Foster a payment gateway for troubled e-commerce firms Evaly, Adyan Mart, and Qcoom may have siphoned off over Tk1,300 crore from Bangladesh.
Meanwhile, the CID has detained many people from various e-commerce platforms. Including Mizanur Rahman, the director of online ticketing business 24tkt.com. Six employees of the e-commerce platforms Tholay.com and wecoom.com have detained for scamming consumers of Tk2.5 crore.
RingID’s Scams And Strategies
The CID arrested a young man who offered to establish RingID accounts to customers for over Tk1 crore. Redwan Rahman, a RingID agent, arrested in Dhaka’s Kamrangirchar neighborhood on Sunday. It is confirm by CID Additional Deputy Inspector General Kamrul Ahsan.
Redwan has been a RingID member since 2018 but just became an agent seven and a half months ago, according to him. He scammed approximately 600 individuals, taking almost Tk1 crore from them by promising RingID accounts.
The CID had previously arrested ringID Director Saiful Islam for financial embezzlement on 1 October, alleging that the online multilevel marketing business had embezzled Tk213 crore from members and clients in three months while operating under the pretense of a social networking platform.
Moreover, Rezaul said that ringID had been scamming consumers by promising community-based jobs and international investment in exchange for money. RingID, like several other e-commerce sites, was providing items at steep discounts and accepting payments by e-wallet. Investigators have received a rush of complaints from people in Bangladesh and overseas, according to them.
Nevertheless, Shariful Islam, the founder of RingID, and his wife, Irin Islam, live in Canada and are getting sue in Bangladesh for money laundering. Rezaul states that efforts are made through Interpol to return them to Bangladesh.
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