The Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank has sought the bank details of the ringID, a social media platform which has allegedly collected large sums of money by tempting the youth of generating income online.
The BFIU, an agency responsible for investigating suspicious transactions, has also summoned the account details of Tiktok, Streamkar, Teen Patti, Treasure Hunt, Lucky Paisa and Cricket Stars mobile applications.
According to BFIU sources, a letter seeking the details of these platforms have been sent to all the banks recently.
The BFIU letter has asked banks to inform if there are any bank accounts belonging to ringID Distribution Limited and ringID BD Limited.
Tiktok, StreamKar, Teen Patti, Treasure Hunt, Lucky Paisa and Cricket Stars have also been asked to send opening forms, KYC profile forms and updated transaction details if they have any type of bank account under their names.
In the letter, the address of ringID Distribution was given as House 57 of Niketan area in the capital's Gulshan while the address of ringID BD was Khaja Tower in Mohakhali of the capital.
However, addresses of other platforms were not mentioned.
ringID, which follows a typical MLM model but calls itself a "community business", multiplies the number of its members, offering them Tk1,500 to Tk1,700 for adding a new member.
They pay students for viewing and sharing adverts, adding new members to ringID, selling its products and coin transactions.
Lured by hefty earning offers, existing members assemble their family members, friends and acquaintances on ringID platform.
Under the brand promoter of community jobs, ringID now offers two types of memberships – Silver and Gold.
For a Silver category membership, ringID charges Tk12,000 and gives an option to earn Tk250 per day by watching 50+ advertisements. For a gold membership, it takes Tk22,000 and gives an option to earn Tk500 each day by watching 100+ ads.
ringID, a social networking platform designed and developed by Ring Inc. and located in Montreal, Quebec in Canada, was incorporated in 2016.