News

Investigations launched into alleged Rs. 8 billion fraud in trading community scheme

Published

1 year ago

February 21, 2024

nipuni

The Criminal Investigation Department (CID) and the Central Bank of Sri Lanka have initiated separate investigations into a suspected fraud where a man and his wife are alleged to have defrauded approximately Rs. 8 billion from around 22,000 individuals across the country.

The fraudulent scheme, reminiscent of a pyramid scheme, involved promises of establishing a trading community and acquiring dollars for the country through the distribution of educational packages.

Complaints received by the CID and the Central Bank indicate that approximately 22,000 people fell victim to this fraud.

The suspect, who started a business school and a company in the Kurunegala area, claimed that investments would be made in a company in the United Arab Emirates, and the commission received would be distributed to the investors.

Preliminary investigations have uncovered the use of fake documents to deceive individuals into believing that the business school and the company were registered.

Investors reportedly invested amounts ranging from one to 1.5 million rupees, with some not receiving any benefits.

Both the CID and the Central Bank are actively pursuing the investigation to apprehend the individuals responsible for the alleged Rs. 8 billion fraud.

Source – dailymirror.lk

News

Yoshitha & Daisy Forrest indicted & bailed

Published

10 minutes ago

July 2, 2025

editor

Former President Mahinda Rajapaksa’s son – Yoshitha Rajapaksa, and his grandmother – Daisy Forrest have been formally indicted today (July 02) before the Colombo High Court under the Prevention of Money Laundering Act.

The indictment was presented before High Court Judge Pradeep Abeyratne, who subsequently ordered both defendants to be released on two surety bonds of Rs. 01 million each.

The judge further ordered to obtain fingerprints of the accused and relevant records be summoned as part of the judicial process.

BIZ

Starlink now available in Sri Lanka – Elon Musk

Published

13 minutes ago

July 2, 2025

editor

Billionaire businessman Elon Musk has announced that the Starlinksatellite internet service is now available in Sri Lanka.

“Starlink now available in Sri Lanka!” Elon Musk said in a post on ‘X’.

Starlink now available in Sri Lanka! 🇱🇰 https://t.co/37X5hNOEfL
— Elon Musk (@elonmusk) July 2, 2025

News

Govt. to begin paddy purchasing for Yala season

Published

16 minutes ago

July 2, 2025

editor

The procurement of paddy for the Yala season will begin tomorrow (July 03).

The paddy purchasing initiative will be rolled out in Ampara, Kilinochchi, Mullaitivu, Trincomalee, Batticaloa, and parts of the Northwestern and Southern regions.

The announcement was made by Deputy Minister of Agriculture and Livestock – Namal Karunaratne, in a statement to media.

The Deputy Minister also said that the Paddy Marketing Board currently has Rs. 06 billion for the procurement process.

As per the announced prices:

Nadu paddy will be purchased at Rs. 120 per kilo
Samba paddy at Rs. 125 per kilo
Keeri Samba at Rs. 132 per kilo

Prices for wet paddy have also been fixed:

Wet Nadu at Rs. 102 per kilo
Wet Samba at Rs. 105 per kilo
Wet Keeri Samba at Rs. 112 per kilo

However, the Deputy Minister has noted that only properly dried and standardized paddy will be accepted by government warehouses and urged all stakeholders to ensure fair treatment for farmers. He also highlighted that wet paddy cannot be accepted by the government warehouses, emphasizing the importance of proper drying to maintain quality standards.