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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » The manager of the Anuradhapura branch of a private bank has been taken into custody for defrauding over 23 doctors to the tune of nearly one billion rupees

The manager of the Anuradhapura branch of a private bank has been taken into custody for defrauding over 23 doctors to the tune of nearly one billion rupees

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stocksira

stocksira
Manager - Equity Analytics
Manager - Equity Analytics



Please check this, it was in the Sunday Times today.



Private bank manager diddled docs
View(s):

The manager of the Anuradhapura branch of a private bank has been taken into custody for defrauding over 23 doctors to the tune of nearly one billion rupees by promising to invest their money in Treasury Bills but instead lending the money to third parties at a higher interest rate.
The man who had been employed since 2011 at the Anuradhapura Branch of the Citizen’s Development Bank had befriended doctors and others professionals and persuaded them to hand over their money to him with the promise he would in turn, invest the monies in Treasury Bills. Genuine receipts were issued by him for the money handed over to him.

Some doctors had deposited amounts ranging from Rs. 5 million to Rs. 10 million while some businessmen had handed over amounts ranging from Rs. 40 million to Rs. 50 million, since 2012. For about two years the interest rate had been paid to the depositors so they did not notice things were amiss.

In April Police had begun to investigate the investment after some of the depositors had complained that their interest was not being paid. The case was later handed over to the CID.

It is learnt that the employee who has been identified as Athula Thillkaratne (38), had won over the doctors and other depositors and persuaded them to hand over the money to him. In turn he had lent the money to others at a higher interest rate and also engaged in other businesses using the money. However the interest to the depositors had been paid on the due dates so no suspicions were aroused.
He had attempted to flee the country prior to the commencement of the investigation but had been turned back as it was found he was a Navy deserter.

The CID is investigating if there were accomplices involved in the fraud.
SS



Last edited by stocksira on Mon Sep 08, 2014 1:34 am; edited 2 times in total

Lalindra

Lalindra
Manager - Equity Analytics
Manager - Equity Analytics

According to article in the Sunday Times today there is no liability by the bank but the manager has befriended some high net worth investors and obtained their money on the pretext of investing in Treasury Bills but actually lent those moneys to outsiders at high interest rates. The man is a Navy deserter and its the banks fault not to have checked his credentials properly before employing him.

troy

troy
Moderator
Moderator

CDB is not a bank Mad Mad Mad Mad Mad

So the heading is misleading and not good for entire banking system. Admin Pls amend the heading accordingly

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

troy wrote:CDB is not a bank Mad Mad Mad Mad Mad

So the heading is misleading and not good for entire banking system. Admin Pls amend the heading accordingly

Earlier CDB was Ceylinco Development Bank and after the collapse of Ceylinco Group with Golden Key CDB had issues with their banking license so they were converted to a Finance Company called Citizens Development Business Finance PLC.

Do not forget CDB is still run by Ceylinco Top Ends...So 'Fraud' will be definitely there coz some top directors were from even Golden Key, and several other fallen Ceylinco companies.

dougieboy


Moderator
Moderator

Correct.  The liability is with the fraudster and not the company in this situation as I understand.  The company is at fault for hiring such a fraudster without checking.    But now I see mudslinging and illogical comments will come over an isolated case of 1 bad person and those who want to buy the company shares cheap ;-)

Isn't it also  a wonder how those smart doctors and professional did not have any sense  to later double check their TB numbers  after the money was taken.  Who cares right  as long as you get interest money from somewhere?  
They only worry when the interest stops coming.

I can related it to  fraudster  and victims  in forums also . This is   common lesson to everyone  in several angles.


Lalindra wrote:According to article in the Sunday Times today there is no liability by the bank but the manager has befriended some high net worth investors and obtained their money on the pretext of investing in Treasury Bills but actually lent those moneys to outsiders at high interest rates. The man is a Navy deserter and its the banks fault not to have checked his credentials properly before employing him.

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