Sri Lanka’s NDB Bank has announced that a forensic investigation carried out by Deloitte Touche Tohmatsu India LLP has revealed the total fraud amount to be 13,639,664,684 rupees, which is an increase from the previously reported figure of 13,579,664,684 rupees stated in a corporate disclosure on June 26, 2026. The bank clarified that the additional sum of 60,000,000 rupees will be accounted for in accordance with relevant accounting regulations.
In a market notification, the bank expressed its commitment to learning from this experience and emphasized its dedication to enhancing its compliance and governance frameworks. The following statement was released:
The bank is pleased to confirm receipt of Deloitte’s Final Report regarding the forensic examination of the fraud incident. The report verifies that the confirmed total fraud amount stands at 13,639,664,684 rupees, which differs from the 13,579,664,684 rupees previously disclosed.
As outlined, the additional fraud amount of 60,000,000 rupees will be recognized in compliance with applicable accounting standards. Deloitte was engaged by the bank to conduct this forensic review, following guidelines from the Central Bank of Sri Lanka’s Director of Bank Supervision, immediately after the fraud was uncovered. Deloitte was tasked with submitting its findings directly to the Central Bank, ensuring an impartial review process.
The bank noted that the conclusions drawn by Deloitte largely align with its internal assessments. These issues have been reported to law enforcement, and legal proceedings against those responsible are underway. The bank is actively exploring all possible avenues to reclaim the misappropriated funds, including enlisting the services of an international agency that specializes in tracing stolen assets.
Furthermore, the bank has initiated appropriate internal measures against individuals identified as having facilitated the fraudulent activities through collusion or supervisory lapses. It acknowledges the recommendations outlined in the forensic report concerning control deficiencies, technological shortcomings, and governance enhancements, and is in the process of implementing these suggestions.
The bank is committed to keeping the Central Bank of Sri Lanka informed about the steps it is taking. Importantly, the bank reassured stakeholders that no customers have incurred losses due to the fraud, and their account balances remain secure. The institution is well-capitalized and maintains strong liquidity levels.
NDB Bank views this forensic report not as the conclusion of this matter, but rather as a vital step towards restoring its credibility and reputation by reinforcing its governance and control mechanisms. The bank anticipates that these initiatives will better prepare it to address the various and evolving challenges that financial institutions face due to global technological advancements.
In closing, the bank expresses its heartfelt gratitude to the Central Bank, its customers, shareholders, and the public for their continued trust and support during this challenging time. It remains committed to fulfilling its responsibilities to all stakeholders.
