The Criminal Investigation Department (CID) has launched an extensive investigation into a sophisticated multi-million rupee financial fraud targeting Commercial Bank of Ceylon, one of Sri Lanka’s premier private lenders.
As part of the ongoing probe, the CID’s Computer Crimes Investigation Division recorded a statement from Janindu Deshan Ranawaka De Costa, an Executive Officer at the bank’s Digital Banking Division.
The Mechanism of the Fraud
The investigation follows a formal complaint lodged by the executive, detailing a meticulous operation where a coordinated group of fraudsters created a cloned version of the bank’s official website. Using this phishing portal, the perpetrators illicitly obtained customer credentials to siphon off vast sums of money.
According to the CID, the stolen funds were fraudulently transferred to multiple accounts across four other private banks and one state-owned bank. Initial findings reveal that this security breach occurred during a period when the bank was actively issuing public assurances regarding the robustness and safety of its digital transaction platforms.
Dhammika Perera’s LKR 5.5 Billion Share Exit
The fraud has also cast a spotlight on the Colombo Stock Exchange (CSE), where high-net-worth investor Dhammika Perera recently offloaded a significant portion of his stake in Commercial Bank.
Approximately one month after the system vulnerabilities surfaced, Mr. Perera sold 26.55 million voting shares for an estimated LKR 5.5 billion (at LKR 195 per share). While market analysts noted that this was a ‘trading’ rather than a ‘strategic’ divestment, the timing of the exit has sparked intense speculation within financial circles regarding a potential link to the bank’s internal security crisis.
Prior to the sale, Mr. Perera was the bank’s 11th largest shareholder with a 2.5% stake, down from his position as the 8th largest shareholder (3.66%) at the end of the previous year.
Corporate Governance and Next Steps
The CID is expected to record statements from several other high-ranking officials of the bank shortly. The current leadership of Commercial Bank includes:
- Chairman: Sharhan Muhseen
- Deputy Chairman: Raja Senanayake
- Managing Director/CEO: Sanath Manatunge
- Board of Directors: Judy Li, Tushara Wijewardena, S. Sivakumar, S. Prabagar, Nimal Perera, Palitha Kumarasinghe, Yohan Perera, and Romany Parakrama.
The bank’s Company Manager, Pramith Rajapaksha, also remains a key figure as the investigation looks into potential lapses in oversight or technical safeguards.
Source – Sri Lanka Mirror website