The Criminal Investigation Department (CID) on Friday arrested ringID Director Saiful Islam from Gulshan in the capital.

The controversial social media platform allegedly embezzled over Tk200 crore in just three months this year by luring people into its Ponzi scheme of promising online income.

In primary interrogation, Saiful confessed ringID is not authorised to collect such deposits from users, CID said in a press release today.

The platform received Tk23.94 crore in May, Tk109 crore in June and Tk79.38 crore in July offering people the chance to earn money online, the press release adds.

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

The platform stopped selling memberships and money transactions from 23 September after The Business Standard and other media brought their fraudulent activities to light.

Several law enforcement agencies, who have been keeping an eye on…

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