A 54-year-old man has been arrested for swindling Rs. 9.9 billion by operating a financial institution without a Central Bank licence in Kandy.
The Police stated that the suspect was arrested by officers from the Financial and Commercial Crimes Investigation Division in the View Garden area in Kandy on Thursday (Oct 26).
The suspect had served as the director and the shareholder of the illegal financial institution and now faces serious charges including criminal misappropriation of funds, money laundering, and breach of trust.
The Police said the man was a resident of the View Garden area in Kandy.
The Financial and Commercial Crimes Investigation Division is conducting investigations into the financial fraud. (NewsWire)
