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Home›Multi Level Marketing›RingID director Saiful arrested

RingID director Saiful arrested

By Taylor J. Naylor
October 2, 2021
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The Criminal Investigation Department (CID) arrested ringID director Saiful Islam from Gulshan in the capital on Friday.

The controversial social media platform has reportedly embezzled over Tk 200 crore in just three months this year by luring people into its promising online income Ponzi scheme.

During examination-in-chief, Saiful confessed that ringID was not authorized to collect such deposits from users, CID said in a press release today.

The platform received Tk 23.94 crore in May, Tk 109 crore in June and Tk 79.38 crore in July, giving people the opportunity to make money online, the press release added. .

According to several bank statements from the platform, it was a multi-level marketing (MLM) fraud.

The platform stopped selling memberships and monetary transactions from September 23 after The Business Standard and other media exposed their fraudulent activities.

Several law enforcement agencies, which have been monitoring ringID for the past month, told TBS that the actual amount embezzled may be higher. Bank statements for other months are now being scrutinized.


Meanwhile, a victim filed a complaint against 25 people, including ringID owners – Shariful Islam, his wife Irin Islam and his brother Saiful Islam – for embezzling taka crores.

On September 28, the Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank requested ringID’s bank details when CID requested their bank details. BFIU has also requested banks to inform if there are any bank accounts owned by ringID Distribution Limited and ringID BD Limited.

ringID, which follows a typical MLM model but calls itself a “community business”, multiplies its membership, offering current members 1,500 to 1,700 Tk for the addition of a new member.

They give money to students to view and share ads, add new members to ringID, sell its products, and conduct coin transactions.

Attracted by huge earning offers, existing members bring family, friends and acquaintances together on the ringID platform.


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