couple defrauds 22,000 individuals of rs 8Bn cid and cb initiate probe

• Fraud similar to pyramid scheme
• The suspect had started a business school and a company in the Kurunegala area for this purpose and has also served as its chairman

By Ranjan Kasturi  
The Criminal Investigation Department and the Central Bank of Sri Lanka have initiated separate investigations to apprehend a man and his wife who are alleged to have defrauded approximately Rs. 8 billion from around 22,000 individuals across different parts of the country under the guise of establishing a trading community.  

• Suspect had promised individuals that the scheme aimed to establish a trading community and acquire dollars for the country  

According to a large number of complaints received by the CID and the CB, that they have made about 22,000 people in different parts of the country have been caught in this fraud which is very similar to the fraud in the pyramid scheme, a senior official said.   Initial investigations revealed that the suspect had promised individuals that the scheme aimed to establish a trading community and acquire dollars for the country by distributing educational packages worth millions of rupees to various people. It is said that this person has also stated that they will be invested in a company in the United Arab Emirates and the commission received will be given to the invested people.  
The suspect had started a business school and a company in the Kurunegala area for this purpose and he has also served as its chairman. It has been revealed in the preliminary investigations that fake documents were prepared and shown to the people investing money that the business school and the company were registered.  
It has also been revealed in preliminary investigations that some people have invested one to 1.5 million rupees etc. in this business and some have not received any benefit.