• Wednesday, Oct 05, 2022
  • Last Update : 10:24 am

ringID director placed on 2-day remand in Digital Security Act case

  • Published at 10:29 am October 2nd, 2021
ringID - BD - Logo - Collected
Photo: Collected

The e-commerce platform allegedly embezzled over Tk200 crore in just three months, says CID 

A Dhaka court on Saturday placed ringID Director Saiful Islam on a two-day remand in a case filed with Vatara police station under the Digital Security Act

Metropolitan Magistrate Shadbir Yeasir Ahsan Chowdhury  passed the order after Criminal Investigation Department (CID) Sub-inspector Sohel Rana produced the accused before the court seeking a 5-day remand for interrogation in the case.

Opposing the remand prayer, defence lawyers submitted separate petitions seeking bail and rejection of remand in the case. The court rejected the both petitions.

Earlier, CID arrested the ringID director in a case filed over embezzlement with Vatara police station. The plaintiff claimed they had been deceived into investing in the company.

The director of the ecommerce platform was held from Dhaka’s Gulshan on Friday, CID’s Special Superintendent Rezaul Masud  told the media Saturday. 


The controversial platform allegedly embezzled over Tk200 crore in just three months this year by luring people into its fraudulent scheme with promise of online income, said Special Superintendent Masud.

During the initial interrogation, Saiful admitted that ringID is not authorized to collect large sums of money from its users, according to him.

Also Read - Financial inspectors put RingID, others under scrutiny

According to information with CID, ringID embezzlement Tk23.94 crore in May, Tk109.13 crore in June and Tk79.38 crore in July.

The 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 ecommerce platforms, ringID has been attracting customers with lucrative discounts, he added.

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.

Sharif Islam and Irene Islam, two Bangladeshi expatriates from Canada, are the founders of ringID.

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