NDB Bank says detected Rs. 380 m employee-linked fraud

Friday, 3 April 2026 00:26 - - {{hitsCtrl.values.hits}}

Bank and law enforcement authorities investigating
Says fraud could be higher than preliminarily Rs. 380 m detection
Has no impact on customer deposits, account balances or bank’s day-to-day operations

National Development Bank PLC (NDB Bank) yesterday said it has detected a fraud involving certain employees acting in connivance with third parties, with preliminary indications placing the exposure at approximately Rs. 380 million, while investigations are ongoing to determine the final amount.

The bank issued the below statement to the Colombo Stock Exchange (CSE):

“We wish to disclose that the bank has detected an act of fraud that has been committed by certain employees in connivance with a third party or parties. The bank has promptly referred the matter for investigation and necessary action to the law enforcement authorities.

“The bank is presently unable to quantify the exact extent of this fraud and is awaiting feedback from the ongoing criminal investigations and the internal inquiries. Although the bank has preliminary indications of approximately Rs. 380 million, it is of the view that the final amounts could be substantially greater.

“However, the bank does not wish to speculate on the final outcome and assures the public and its stakeholders that it will make more detailed disclosures when it receives fuller reports.

The bank has kept the Central Bank of Sri Lanka (CBSL) informed of this matter and will fully cooperate with all regulatory authorities in ensuring that every measure will be taken to mitigate any damage suffered by the bank and to hold the perpetrators fully accountable.

“In conclusion, the bank wishes to assure its customers that all deposits and account balances remain safe and fully secure, with no impact on the bank’s operations on an ongoing basis.”

In a separate statement to customers, the bank said: “NDB Bank wishes to assure all customers and stakeholders that this situation has no impact on customer deposits, account balances, or the bank’s day-to-day operations. All funds remain safe and secure, and the bank is operating business as usual.

“In response to this incident, NDB Bank is taking steps to further strengthen its controls, as deemed necessary.

“We urge the public to avoid speculation or the spread of unverified information. Customers seeking clarification are encouraged to contact their nearest NDB branch, NDB call centre, or relationship manager for accurate information.

“NDB Bank remains committed to transparency, accountability, and the continued trust of its customers and stakeholders.”