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
