News

CBSL issues Warning on rising crypto scams

Published

1 year ago

January 17, 2024

editor

The Central Bank of Sri Lanka has once again warned the public about increasing number of financial scams, promising high returns based on crypto investments.

The Bank insists that it has not granted licences or given authorization to people or business for activities such as cryptocurrency operations, Initial Coin Offerings (ICOs), mining, exchanges, deposit-taking or custody services, or advisory services related to cryptocurrency.

The Bank while alerting the public on alarming rise in fraudulent activities related to crypto investments said that it is crucial to be aware of the tactics used by fraudsters to safeguard one’s finances and stay vigilant.

“Fraudsters utilize various tactics, exploiting social media to advertise schemes with high returns and often boasting about their claimed earnings.

This creates a false sense of legitimacy and attracts new participants. Further, scammers use platforms like Whatsapp and Telegram to communicate with victims”, the Central Bank message said.

The announcement said that Scam advertisements often lead to professional-looking websites, aiming to disguise their fraudulent nature. Some scammers go a step further by conducting classes or awareness sessions on these fabricated platforms, providing misleading information on earning high returns or trading cryptocurrencies.

After an investment is made, scammers may swiftly seize funds or continue the deception to attract more victims. It is crucial to recognize that you may not realize you’ve fallen victim to a scam until attempting to divest from your investment. Protecting Yourself from Scams Cryptocurrencies are unregulated in Sri Lanka, not considered legal tender, and lack regulatory safeguards.

The following entities were found promoting the involvement of cryptocurrencies:Sport Chain App, Sports Chain ZS Society Sri Lanka, OnmaxDT 3, MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt) Ltd and MTFE DSCC Group (Pvt) Ltd.

Source – dailynews.lk

News

Japan grants US$ 2.5 mn. to SL to strengthen anti-corruption mechanisms

Published

2 hours ago

July 1, 2025

editor

The Government of Japan has granted USD 2.5 million to Sri Lanka to strengthen anti-corruption mechanisms under a 3-year project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-corruption Mechanism.

Japanese ambassador in Sri Lanka – Mr. Akio Isomata and UNDP resident representative in Sri Lanka – Ms. Azusa Kubota, in the presence of Justice Minister – Harshana Nanayakkara, launched ‘The Project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-Corruption Mechanism’

The three year initiative is supported by the Government of Japan and implemented by the UNDP Sri Lanka, working in close collaboration with the (CIABOC) and the Ministry of Justice.

The project aims to promote transparency, accountability and integrity in governance and business practices through effective and institutionalised preventive mechanisms in the public and investment promotion sectors, strengthen institutions to enhance corruption related investigative processes, improve coordination with stakeholders and ensure quality of prosecutions, empower citizens to effectively mobilise against corruption and enhance social accountability.

The project also seeks to engage and empower youth, children and journalists to actively contribute to the fight against corruption and promote a culture of integrity.

News

3 ex-DMT officials including ex-commissioner, remanded

Published

3 hours ago

July 1, 2025

editor

Former Commissioner General Nishantha Weerasingha and two other former officials of the Department of Motor Traffic (DMT) have been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

The arrests were made as part of an investigation into vehicles that were illegally registered with the Department of Motor Traffic without receiving proper clearance from Sri Lanka Customs, CIABOC said in a statement.

According to CIABOC, former Commissioner General Nishantha Weerasinghe has been arrested for granting approval to issue a number plate for a jeep.

Additionally, a former Assistant Director of Information Technology at the department and a clerk have also been taken into custody for facilitating the illegal data entry and executing it.

The suspects were produced before the Colombo Magistrate’s Court and were ordered to be remanded until July 08.

News

Ex-Immigration Controller pleads guilty

Published

5 hours ago

July 1, 2025

editor

Controller of Immigration and Emigration – Harsha Illukpitiya, today (July 01) unconditionally pleaded guilty before the Supreme Court in a case related to contempt of court.

The charge stemmed from his failure to comply with a court order related to the e-visa issuance process.

The Supreme Court announced that sentencing will take place on July 24.