CID calls to acquit accused despite allegations of money laundering

‘ringID’ is one of the companies that embezzled the money of their customers in recent times. One and a half years ago, the Criminal Investigation Department (CID) of the policem on the basis of investigation, brought allegations of filching Tk 3.02 billion owned by their customers. They had laundered and embezzled Tk 370 million in total. However, the CID now has recommended the acquittal of the top three officials of rindID from the allegations after the investigation.

The CID has recommended the acquittal of ringID managing director Shariful Islam, chief executive officer of ringID Irin Islam and director Saiful Islam. Irin Islam is Shariful’s wife and Saiful is his brother in the final report submitted to a Dhaka court.

The report says the allegations against ringID, including collecting money from the customers fraudulently, embezzling their money, illegal investments in the share market and laundering money abroad, could not be proven. The information on the basis of which the case was launched was wrong, CID said in their report.

However, the lawyers have raised questions over the report submitted by the CID. They say usually the money laundering cases are filed based on the information and evidence from the initial investigations. The same agency, which brought the allegations against the company, is now saying those accusations weren’t right. Therefore, the case needs to be reinvestigated, the lawyers say

The CID launched the investigation based on information provided by the Bangladesh Financial Intelligence Unit (BFIU), which asked the CID to launch an inquiry after finding ‘abnormal transactions’ in the bank account of the ringID.

After a year of investigation, the CID filed the case with the Gulshan police station accusing the three top ringID officials in August 2022. The relevant CID officials said at the time that ringID embezzled money from people by luring them through lucrative advertisements earning Tk 250 to Tk 500 everyday on social media.

Analysing the five bank accounts of the company, it has been found that a total of Tk 3.77 billion has been transacted through these bank accounts. Of them, around Tk 3.02 billion was transferred from these bank accounts and some Tk 370 million of them was laundered and embezzled. Later, some Tk 330 million of the embezzled money was invested in the share market.

The CID, in a press conference in 2021, said the Bangladesh Bank has seized around Tk 2 billion of ringID at their behest. However, the company had embezzled even more, CID said at the time.

The CID submitted the final report in this case on 19 November. This correspondent recently met CID chief and additional inspector general of police (AIG) Mohammad Ali Mia for his comment in this regard. He called the investigation officer in the case and CID inspector Moniruzzaman in front of this correspondent. Moniruzzaman said the company named ringID did not embezzle or transfer the money of its customers. After finding no evidence supporting the allegations they filed the final report.

However, speaking on condition of anonymity, a person relevant to investigation said the case was filed based on the report and information provided by the BFIU. CID financial crime unit inspector Mir Kashim Ali was investigating the case at the beginning. He was under pressure from top officials to submit the final report despite having evidence of money laundering. He was later transferred to Lakshmipur as he denied doing that.

This correspondent tried to reach Mir Kashem over the phone several times, but he didn’t respond.

That CID official further said the CID also filed a case under the Digital Security Act against ringID with the Bhatara police station. While investigating into the case, the CID has found evidence of money laundering against the three top ringID officials. A charge sheet has been submitted to the court with evidence of money laundering against the top officials of ringID.

CID sources said Shariful Islam and Irin Islam live in Canada. Shariful of Bancharampur in Brahmanbaria left the country for Canada permanently in 2005-06. He met Irin there and married her.

They had businesses in the telecommunication sector and had companies named Vision Tale and Cloud Tale. The Bangladesh Telecommunication Regulatory Commission brought allegations of misappropriating Tk 2.96 billion against these two companies in 2014. The couple were arrested under this case in 2016. Later that year Shariful launched ringID.

The CID officials found during the investigation that the ringID officials were involved in illegal multi level marketing (MLM). They took money from people promising them more earnings in a short time and higher commission.

Besides, the ringID also set up a trap named ‘Community Job’. They (ringID officials) used to encourage clients to open silver ID, gold ID and platinum ID. The clients had to invest Tk 12,000 to Tk 50,000 to open these IDs. The ID holders used to watch foreign advertisements through VPN and get profit from that.

Anti-corruption Commission (ACC) public prosecutor Mir Ahmed Ali Salam has termed the submission of the final report in the case filed against the ringID officials as abnormal.

Speaking to Prothom Alo, he said the case was filed on the basis of the information and evidence found during the primary investigation. So it’s not normal at all to submit the final report in this case. The court can order a re-investigation into the case if it wants, he added.

*This report appeared on the print and online versions of Prothom Alo and has been rewritten in English by Ashish Basu