Police arrests unlicensed financial institution operator for defrauding Rs. 9.9 b

Saturday, 28 October 2023 00:28 - - {{hitsCtrl.values.hits}}

The police arrested a 54-year-old individual for operating a financial institution without the approval of the Central Bank of Sri Lanka and defrauding a staggering sum of Rs. 9.9 billion.

The suspect, who served as both the Director and shareholder of the firm, was taken into custody by the Financial and Commercial Crimes investigation on Thursday in Kandy.

Police said he is accused of misuse and money laundering.

The Police Financial and Commercial Crime Investigation Unit is conducting further investigations.

Despite multiple warnings and awareness initiatives of the Central Bank on such fraudulent companies, public continue to invest in them for higher return on investments. This incident serves as another stark reminder for individuals and businesses to exercise due diligence and verify the legitimacy of any financial institutions they engage with.

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