National People’s Power (NPP) Parliamentarian Lakshman Nipuna Arachchi has announced that a new bill has been submitted to Parliament aimed at addressing the ongoing issues related to microfinance loans.

Speaking at an event in Colombo, the MP highlighted the severity of the crisis, noting that approximately 200 women have reportedly died by suicide after being overwhelmed by microfinance-related debt.

Meanwhile, reports have emerged of a large-scale financial fraud involving the unauthorized use of the Colombo Stock Exchange (CSE)’s name and logo.

Niroshan Wijesundere, Senior Vice President of the CSE, confirmed that the scam was carried out through a fraudulent mobile application falsely claiming affiliation with the exchange.

Officials stated that the fraudulent operation has been active since November last year, resulting in substantial financial losses to unsuspecting investors. The Criminal Investigation Department (CID) has launched a comprehensive investigation into the incident.

Wijesundere urged the public to exercise extreme caution when investing and to verify the authenticity of trading platforms through official CSE channels to avoid falling victim to such scams.