COLOMBO REPORTER:
The investigation into the massive misappropriation of Rs. 290 million (29 Crores) from the General Ledger account of the National Development Bank (NDB) has intensified. The Criminal Investigation Department (CID) informed the Colombo Magistrate’s Court that statements were recorded from high-ranking officials, including the Managing Director/CEO, regarding the financial scandal.
Investigation Progress & Arrests
The CID’s findings suggest a sophisticated internal breach. Key highlights of the investigation include:
- 16 suspects have been arrested so far, including a Deputy Manager of the Information Technology (IT) department.
- Authorities have identified five main perpetrators, three of whom are already in custody.
- The CID expects to arrest approximately 60 more individuals, including several bank employees, as the probe expands.
Financial audits revealed that over Rs. 10 million had been routed through a single account belonging to an accused Deputy Manager.
Court’s Stern Warning
During the court proceedings yesterday (07), Colombo Chief Magistrate Asanga Bodaragama expressed grave concern over the security of public funds within the banking sector.
“Banks must exercise extreme diligence regarding the public’s deposits. The lack of security for public money is a serious issue, and it is the responsibility of all banks to prevent such fraudulent activities, especially during these times,”
the Magistrate emphasized.
The Magistrate ordered the suspects to be remanded until January 16 and directed the CID to submit a comprehensive progress report on the ongoing investigation during the next hearing.