Feb 07, 2022

Seylan Bank charged of fraudulently calculating overdraft interest!

An account holder of Seylan Bank PLC has informed the Colombo District Court that the bank and its CEO Kapila Ariyaratne had fraudulently calculated an overdraft interest amount by deferring and avoiding the calculation of interest and payments due to him.
The complaint was made by Security Kingdom (Pvt) Ltd alleging that Seylan Bank PLC has charged 28% interest on a bank overdraft of Rs. 1.5 million with the aim of cheating and gaining high profits fraudulently.

The summons in the above case was handed over to the defendants including the CEO in September 2021 and then the defendants filed a preliminary hearing on September 23, 2021 and asked for dates for objections and answers.
In the case, Seylan Bank is accused of concealing requested details, failing to provide information and delaying them, while charging the plaintiff with high interest in a fraudulent manner.

The bank has also been accused of failing to provide the required details to the account holder despite issuing an interim notice within a short time.