The Central Bank of Sri Lanka has determined that Singhe Capital Investment Limited accepted deposits from the public in violation of the Finance Business Act, No. 42 of 2011.
Following an inquiry conducted by the Central Bank, the company and the individuals who served as its directors during the relevant period were identified as being responsible for the violation.
Accordingly, the Central Bank has directed Singhe Capital Investment Limited and its directors to immediately refrain from accepting deposits from the public.
The Central Bank also advised the public to exercise caution when dealing with entities that are not authorised to accept deposits and to verify the regulatory status of any institution before making financial commitments.
Authorities further urged members of the public to ensure that financial institutions are properly regulated before investing or depositing funds. (Newswire)
