A 54-year-old suspect, residing in Kandy, has been arrested for operating a financial institution in Sri Lanka without the necessary authorization from the Central Bank of Sri Lanka.
The individual is alleged to have orchestrated a fraudulent scheme resulting in the misappropriation of a staggering amount of Rs 9,900 million.
Authorities have disclosed that the arrest transpired yesterday when officers from the Financial and Commercial Crime Investigation Division carried out the operation.
The suspect faces an array of charges including criminal misappropriation of funds, breach of trust, and involvement in money laundering activities.
It has been revealed that the arrested individual served as both the director and shareholder of the unapproved financial institution, which forms a central part of the ongoing investigation.
