The Colombo Stock Exchange (CSE) has lodged a complaint with the Criminal Investigation Department (CID) after a fraudulent company allegedly defrauded depositors of more than Rs. 17 million by misusing the CSE’s name and logo.
According to CSE Senior Vice President (Marketing) Niroshan Wijesundara, the scammers posed as a legitimate financial firm registered with the CSE, offering stock market investments and financial advisory services. The fraud was reportedly carried out through a fake mobile application and is believed to have been ongoing since November last year.
“Based on the information received so far, more than Rs. 17 million has been defrauded, though it is difficult to determine the exact number of victims,” Wijesundara said.
No suspects have been identified to date, and the CID has launched an investigation into the incident.
Wijesundara also urged investors to follow formal procedures when investing in the stock market and to obtain official advice and information directly from the Colombo Stock Exchange to avoid falling victim to similar scams.
