As financial scams keep unfolding in the country, members of Criminal Investigation Department (CID) arrested Saiful Islam, director of ringID, a social media platform, from Gulshan in the capital on Friday on charge of misappropriating huge money.
The arrest followed a case filed by an aggrieved person against 25 people, including 10 named and 15 unnamed ones, with Bhatara police on September 30.
CID’s Cyber Police Centre started investigation into it.
During primary interrogation, Saiful admitted that his organization, the ringID, did not get any approval from the authorities concerned to collect deposits from users.
Though the ringID started its journey as a social media platform, it later started collecting deposits from people advertising various value-added services, including foreign investment, community…