Sri Lanka’s National Development Bank (NDB) has announced the discovery of fraudulent activities involving certain employees collaborating with outside parties. The bank has taken steps to report this incident to law enforcement for further investigation and appropriate action.
According to a statement made by NDB in a market announcement, the institution is currently unable to determine the precise scale of the fraud and is pending updates from ongoing criminal investigations as well as internal reviews. Initial assessments suggested a potential loss of approximately 380 million rupees; however, the bank now believes that the total losses could be “significantly higher.”
NDB reassured its clients that all deposits and account balances are secure and unaffected by this incident, emphasizing that the bank’s regular operations continue without disruption.
The bank has kept the central bank apprised of the situation and is committed to working with regulatory authorities to implement all necessary measures to minimize any repercussions for the institution and to ensure that those responsible are held accountable.
NDB has chosen not to speculate on the eventual outcome of this matter and has promised to provide more comprehensive information once it receives further details from the ongoing investigations.
