Defrauded Rs. 17 million using the CSE name and logo

The Colombo Stock Exchange (CSE) has filed a complaint with the Criminal Investigation Department (CID). This is regarding a fraudulent company that has defrauded investors of over Rs. 17 million by misusing their name and logo.

Mr. Niroshan Wijesundara, Senior Vice President (Marketing) of the Colombo Stock Exchange, stated that these fraudsters have impersonated a legitimate financial company registered with the Colombo Stock Exchange, promising stock market investments and financial advisory services.

It is reported that this fraud has been carried out through a fake mobile application (Mobile App), which is believed to have been operational since November last year.

Mr. Wijesundara further stated that although over Rs. 17 million has been defrauded so far, it is difficult to determine the exact number of victims.

No suspects have been identified yet in connection with this incident, and the Criminal Investigation Department (CID) has launched a comprehensive investigation into the matter.

Mr. Wijesundara strongly urged investors to follow proper procedures when investing in the stock market and to obtain official advice and investment information directly through the Colombo Stock Exchange to avoid falling victim to similar scams.