Connect with us

News

Crypto loopholes funnel Lankan funds abroad

Published

on

Chief Magistrate draws CB attention to massive drain in foreign exchange through cryptocurrency deals

Colombo Chief Magistrate Asanga S. Bodaragama yesterday observed that loopholes in actions carried out by State financial institutions, under the Foreign Exchange Act, had enabled funds in Sri Lanka to be transferred overseas, through cryptocurrency transactions.

The Magistrate said immediate steps should be taken to curb such activities and to educate the public, and directed that the matter be brought to the attention of the Central Bank of Sri Lanka.

He noted that cryptocurrency transactions carried out, using modern technology without approval from the Central Bank, had taken place without adequate public awareness, adding that incidents of the nature were increasingly being reported before courts.

The Magistrate observed that investigations into such incidents appeared to be confined to court proceedings alone and emphasised that the Central Bank, as the country’s principal financial regulator, together with other relevant institutions, should take appropriate measures and raise public awareness in the interest of the public and the country.

He also said the Criminal Investigation Department and the Central Bank should take steps to educate the public on such financial frauds and introduce a proper mechanism to address the issue.

The court further observed that many individuals had exploited loopholes in the Foreign Exchange Act and related procedures to commit financial fraud, and stressed that the Central Bank should take necessary action upon being apprised of such matters.

The Magistrate made these observations when a case relating to an alleged Rs. 290 million fraud at a well-known private bank was taken up before court yesterday. The suspects are alleged to have fraudulently obtained public funds through cryptocurrency transactions using accounts on Binance.

The Magistrate also directed the Criminal Investigation Department to expedite investigations into the disappearance of Rs. 290 million and report progress to court.Observing that the incident was not an ordinary case, the Magistrate instructed the CID to take prompt action to prevent similar frauds carried out through Binance platforms.

Making further observations, the Magistrate noted that the suspects had been produced before court, over the past three months, in connection with the incident, and stressed that investigations should be completed promptly by gathering all relevant information.

He earlier observed that the case did not involve a minor offence, such as ordinary theft, but a serious matter concerning the fraudulent misappropriation of public funds, through Binance accounts, and emphasised the need for swift action to prevent such crimes.

Nineteen suspects, connected to the incident, had earlier been remanded and subsequently released on bail.

The case was fixed to be called again on 15 May .



News

PM on inspection tour of newly renovated Colombo Central Bus Stand

Published

on

By

The Colombo Central Bus Stand, which has a history of over six decades and had remained without a proper maintenance for many years, has now been renovated under the current government’s development programme and vested to the public. Following that, the Prime Minister undertook an inspection tour of the newly renovated Colombo Central Bus Stand.

Originally constructed in 1964, the bus stand was refurbished with modern facilities to meet current needs and was officially reopened to the public on April 8. The primary objective of this initiative is to provide passengers with a higher-quality and more comfortable transportation service.

During the renovation process, special attention has been given to the comfort and safety of women, which was commended by the Prime Minister. In particular, a modern rest area designed to ensure privacy for nursing mothers travelling from distant areas received special praise.

The Prime Minister also reviewed the newly introduced passenger seat reservation system and information services established to assist commuters. In addition, the modern surveillance unit and other security measures installed within the premises to ensure passenger safety were also inspected.

During the visit, the Prime Minister engaged in conversations with passengers at the bus stand and inquired about their views on the newly renovated facilities and the quality of transport services.

It was emphasized that the government’s objective is to transform public transportation into a safe, technologically advanced service that can be used with convenience by all citizens.


(Prime Minister’s Media Division)

Continue Reading

Latest News

Sun directly overhead Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon today (10)

Published

on

By

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka from the  05th to 15th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (10th) are Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon.

Continue Reading

News

Opposition tells Minister Kumara Jayakody to resign

Published

on

Prof. Peiris

No-faith motion to be taken up today

Former Foreign Minister Prof. G. L. Peiris yesterday (9) said that President Anura Kumara Dissanayake should remove Energy Minister Kumara Jayakody unless the minister stepped down on his own.Prof. Peiris, addressing a press conference called by the Opposition, said that Jayakody couldn’t under any circumstance continue to serve as a minister after the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) moved the Colombo High Court against the government member over a previous financial scandal.

Pointing out that Minister Jayakody had been indicted of a corrupt deal struck during the yahapalana regime, Prof. Peiris said it was wrong for the NPP to retain him as a minister, claiming that the offence was not committed during his tenure as a Cabinet minister in the current government.

Prof. Peiris and several other Opposition members dealt with the No-Confidence Motion (NCM) against Jayakody that would be taken up today (10) with the academic calling the vote an acid test for the NPP. Having campaigned on an anti-corruption platform at presidential and parliamentary polls, the NPP couldn’t protect Jayakody though he was widely believed to be close to President Dissanayake.

As the Manager of the Procurement and Import Division of the Ceylon Fertilizer Company, Jayakody is alleged to have committed the offence of corruption, according to CIABOC.

Jayakody has been accused of causing a loss of Rs. 8,859,708 to the State by influencing and exploiting the procurement process.

Following the serving of indictments on 27 March, the judge ordered Jayakody’s release on two personal bail bonds of Rs. 1 million each. The court directed that the defendant’s fingerprints be obtained and a formal report be submitted. The case has been scheduled for a pre-trial conference on 6 May.

Prof. Peiris stressed that the CIABOC action against Jayakody is central to the NCM primarily moved over the irregularities ridden coal procurement process launched in 2025 that caused severe disruption to the power generation. Responding to The Island query after the media briefing, Prof Peiris expressed surprise that the JVP/NPP accommodated a person under investigation by the CIABOC. Having taken an utterly irresponsible decision, the JVP/NPP were now playing down the developing issue, prof. Peiris said.

The entire government parliamentary group faced the prospect of having its image tarnished by defending Jayakody, the former lawmaker said.

Prof. Peiris said that they intended to build a campaign around the issues involving the energy minister to expose the government. With yet another electricity tariff hike in the offing due to the growing demand for thermal generation as a result of coal-fired Lakvijaya power plant’s failure to meet the requirement[RA1] , the energy minister and ministry’s performances have to be examined, Prof. Peiris said.The timely release of the Auditor General’s report on controversial coal procurement should compel the government to decide on the energy minister’s fate or be prepared to face the fallout.

By Shamindra Ferdinando

Continue Reading

Trending