CBSL checks banks after NDB fraud, no similar cases found says Governor

Sri Lanka
By Editor_1
Central Bank chief Nandalal Weerasinghe says all licensed banks had been directed to examine whether fraud similar to the alleged multi-billion-rupee misappropriation at the National Development Bank (NDB) had occurred within their institutions - Eranga Jayawardena/AP/File

COLOMBO – The Central Bank of Sri Lanka (CBSL) directed all licensed banks to examine whether fraud similar to the alleged multi-billion-rupee misappropriation at the National Development Bank (NDB) had occurred within their institutions, CBSL Governor Nandalal Weerasinghe said.

The listed lender NDB recently disclosed a 13.2 billion rupee misappropriation linked to alleged systemic financial irregularities and the circumvention of internal controls.

Investigations have focused on the alleged unauthorized issuance of credit facilities and the manipulation of accounting records to facilitate large fund outflows disguised as legitimate commercial transactions.

The incident has raised concerns over corporate governance standards and the effectiveness of regulatory oversight within Sri Lanka’s banking sector, particularly regarding how such a substantial sum could allegedly be diverted without triggering immediate scrutiny.

“We asked all the banks to check whether a similar kind of incident took place,” Weerasinghe told local media, noting that  no comparable fraud had been reported by any other bank following the review.

The incident has intensified calls for stronger accountability mechanisms and tighter regulatory supervision by the CBSL to protect the integrity of the financial system and prevent similar white-collar financial crimes.

NDB has repeatedly maintained that depositors’ funds remain secure, stating that the misappropriated funds originated from one of the bank’s own accounts.

–ENCL

Editor_1
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