The Criminal Investigation Department (CID) has launched a probe into a mobile application scam that defrauded depositors of over Rs. 17 million by impersonating the Colombo Stock Exchange (CSE).
Fraudsters allegedly created a fake company, using the CSE’s name and logo to attract investors with promises of stock market investments and financial advisory services, Colombo Stock Exchange Senior Vice President (Marketing) Niroshan Wijesundara said. The scheme is reported to have been operating since November last year.
“While more than Rs. 17 million has reportedly been siphoned off, the exact number of affected investors remains unclear,” Wijesundara added.
No arrests have been made so far, but authorities are actively investigating the matter.
Wijesundara also cautioned the public to follow official channels when investing in the stock market and to obtain guidance directly from the Colombo Stock Exchange to prevent falling victim to similar fraudulent schemes.
