Police have apprehended a suspect accused of operating a financial institution without approval from the Central Bank of Sri Lanka and allegedly defrauding a staggering 9.9 billion rupees.

The arrest was made on October 26, 2023, by officers from the Financial and Commercial Crime Investigation Division. The suspect now faces serious charges, including criminal misappropriation of funds, breach of trust, and money laundering.

The accused served as both the director and shareholder of the illicit financial institution, which reportedly operated without the necessary regulatory permissions. This unapproved operation led to substantial financial losses, amounting to a shocking 9.9 billion rupees.

The suspect is identified as a 54-year-old resident of the Kandy Viewgarden area. As the investigation unfolds, authorities are working to uncover the full extent of the alleged fraudulent activities and to ensure that justice is served.