FCID special report to investigate the decline of the country's foreign exchange reserves due to the NDB financial fraud

The Police Financial Crimes Investigation Division (FCID) is preparing a special report to investigate whether the money related to the alleged massive financial fraud of 13 billion rupees that occurred within NDB Bank has been transferred to foreign countries and whether it has severely impacted the country's foreign exchange reserves.

According to Minister Ananda Wijepala, Minister of Public Security and Parliamentary Affairs, who spoke to 'Sunday Times Business', this large-scale racket was uncovered through investigations initiated after 30 million rupees were found inside a three-wheeler in the Peliyagoda area. The Minister also recalled that he recently revealed in Parliament information about a widespread fraudulent network that had been operating since before 2023, including NDB Bank.

The Minister further states that, according to information received at the time, the Financial Crimes Investigation Division had informed him that a portion of the funds belonging to NDB Bank had also been sent to foreign countries. Investigations have revealed that this fraudulent process has been carried out since 2023, utilizing 227 accounts maintained in 13 banks, through 26,108 fake Telegraphic Transfers (TTs).

Minister Wijepala has stated that the FCID is conducting further investigations to definitively confirm how much money has been sent via Telegraphic Transfers (TTs) to fake accounts maintained abroad, or whether any money has been transferred abroad in this manner.

Meanwhile, under the direct supervision of the Central Bank of Sri Lanka, Deloitte Touche Tohmatsu India LLP is conducting an independent forensic audit into this internal fraud of 13.2 billion rupees that occurred at NDB Bank, and bank officials state that it is expected to be completed before the end of this month. All suspicious transactions that have occurred over the past 10 years will be subject to this examination, and the findings of its interim report have already been submitted to the Central Bank.