Fraud Bureau files 44 cases against CIFL

Friday, 13 September 2013 03:27 -     - {{hitsCtrl.values.hits}}

By Lakmal Sooriyagoda Filing 44 Court cases against the Central Investments & Finance Ltd. (CIFL), the Colombo Fraud Investigations Bureau (CFIB) has reported to Court that the finance company is alleged to have cheated depositors of Rs.78 million. The Fraud Bureau has so far filed 44 cases. The exact amount of the alleged fraud could be even higher and it would depend on any new complaints received by the Police. The cases have been filed before the Colombo Fort Magistrate’s Court and Magistrate Thilina Gamage has ordered the Manager of CIFL that the account statements pertaining to these depositors be handed over to the Police for further investigations. Lodging complaints with CFIB, the depositors, who invested their money in CIFL, stated that they tended to trust the concerned finance company since it was a registered company under the Central Bank (CB) and the company promised to pay a higher interest rate for the deposited money. They further alleged that although they had made requests that the deposited money be paid back with the dividends, the finance company failed to do so. The complainants alleged that they invested their money in the company as it promised to pay a higher interest rate (over 15%) for the deposited money. Meanwhile, the Slave Island Police had also informed Court that they had also received more than 70 complaints against the CIFL. Accordingly, Colombo Fort Magistrate Thilina Gamage had issued notice returnable on 16 September on three Directors of CIFL.