Financial inspectors put RingID, others under scrutiny

The Bangladesh Financial Intelligence Unit (BFIU) of the central bank has sought bank account information of RingID and some other app-based platforms.

The unit of the central bank had recently issued a letter in this regard to all banks. 

The others are TikTok, Teen Patti, Treasure Hunt, Lucky Money and Cricket Stars. 

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According to the letter, the central bank’s unit has sought information on any bank accounts that are operating under the aforementioned platforms, as well as account opening forms, KYC profiles, and all transactions of those accounts to date.

Bangladesh Bank also sought information on the existence of any bank accounts under RingID Distribution Limited and RingID BD Limited.

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. 

However, Sirajul Islam, spokesperson for Bangladesh Bank told Dhaka Tribune that the BFIU usually seeks such information either as a normal monitoring routine or if it receives complaints from organizations like CID.

But he could not confirm which was the case for RingID, as well as others.

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When Dhaka Tribune asked Commerce Secretary Hafizur Rahman if the ministry had received any complaints or issues on RingID, he said: “Yes. That name has come to our attention, but there is not much we know about it. However, if it is breaking any law, it will show up in our monitoring reports and action will be taken.”

The BFIU has also sought information on 15 more bank accounts entailing Sankalp Trust and seven other individuals of the organizations.

The others are Sankalp Trust, Sankalp Trust Staff Security Fund, Sankalp Trust Staff Welfare Fund, Sankalp Trust Staff Provident Fund, Sankalp Trust Staff General Fund, Sankalp Trust Elnah Project, Tafun Trust, and Amirabad Hafizia Madrasa Orphanage. 

Besides, seven persons belonging to these organizations are Mirza Shahidul Islam Khaled, Moniruzzaman Hiru, Abdur Rahim, Taslima and Saiful Islam.