In a bid to stop fraudulent financial institutions operating, the Government of Sri Lanka is to enact new laws to bring to book culprits maintaining such institutions, Finance and State Revenue Minister Ranjith Siyambalapitiya told Parliament yesterday (24).
The Minister pointed out that existing laws were inadequate to raid and take action against various fraudulent financial institutions operating within the country.
This came in the wake of a popular English tuition master known as Sakvithi Ranasinghe fleeing the country after swindling millions of rupees off hundreds of unsuspecting people through a bogus finance institution.
Speaking further the Minister noted that the Central Bank, through the media, publish from time to time the names of registered finance companies, adding that this ought to have alerted the public to the possibility of the operation run by the culprit being a scam.
Speaker W.J.M. Lokubandara noted that the media should be wary of carrying advertisements of such bogus institutions and that they should verify the status of such institutions from the Central bank.
Source: Government of Sri Lanka
