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Thursday April 18th, 2024

Five nabbed for defrauding migrant worker savings

ECONOMYNEXT – Five suspects were arrested in Kirulapone on Sunday (26) for allegedly defrauding migrant workers of their savings, police said.

The suspects had fraudulently obtained money from the bank accounts of a number of migrant workers through a bogus online loan scheme that offered concessional interest rates to migrant workers, a statement issued by the police media division said today.

The suspects had sent promotional text messages to the migrant workers informing them of the loan scheme and obtained their bank details, after which they had successfully withdrawn from those accounts.

The arrests were made by Kirulapona police following a complaint made by a woman claiming that Rs 500,000 was fraudulently withdrawn from her account by those  involved in the online loan scheme.

Police said the suspects are aged 30, 38, 39 and 46 and are residents of Pitabaddara, Narahenpita and Wellampitiya.

It was also found that these suspects were allegedly involved in preparing forged documents and fake driving licenses.

A number of items were taken into custody by the police following the arrests, including a laptop that was allegedly used to forge driving licenses, some ATM cards, an instrument used to laminate the fake driving licenses, 925 cards used to print fake driving licenses, two fake rubber stamps, 61 fake driving licenses, five international driving licenses and two vehicles allegedly used by the suspects for illegal activities.

The suspects were to be produced before Aluth Kade Magistrate yesterday, police said, adding that Kirulapona police is conducting further investigations. (Colombo/July28/2020)

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Sri Lanka’s discussions with bondholders constructive: State finance minister

ECONOMYNEXT – Sri Lankan authorities continue to engage all debt restructuring negotiations in good faith, within principles of equitable treatment among creditors, and with maximum transparency within the norms of such negotiations, State Minister of Finance, Shehan Semasinghe has said.

“It is standard practice, when a representative group of bondholders is formed, to entertain confidential discussions with such group and its appointed advisors. In the case of Sri Lanka, the Ad Hoc Group of Bondholders represents holders controlling more than 50% of the bonds, which make them a privileged interlocutor for Sri Lanka,” Semasinghe said on X (twitter).

“It is well understood that given the price sensitive nature of the negotiations, and according to market regulations, discussions with the Group and its advisors are to be conducted under non-disclosure agreements. This evidently restricts the ability of the Government to unilaterally report about the substance of the discussions.

“The cleansing statement, which was issued on the 16th of April, at the conclusion of this first round of confidential discussions with members of the Group, aims at informing the Sri Lankan people, market participants and other stakeholders to this debt restructuring exercise, about the progress in negotiations. It provides the highest possible level of transparency within the internationally accepted practices in such circumstances.

“As informed in this statement, confidential discussions held in recent weeks with bondholders’ representatives proved constructive, building on the restructuring proposals presented by both parties. During the talks both sides successfully bridged a number of technical issues enabling important progress to be made. Sri Lanka articulated key remaining concerns that need to be addressed in a satisfactory manner.

“The next steps would entail further consultation with the IMF staff regarding assessments of the compatibility of the latest proposals with program parameters. Following these consultations, we hope to continue discussions with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka’s EFF program.”

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Sri Lanka rupee weakens at 301.00/302.05 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 301.00/302.05 to the US dollar in the spot forex market on Tuesday, from 299.00/10 on Tuesday, dealers said. Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed stable at 11.30/35 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent up from 11.95/12.00 percent.

A bond maturing on 15.12.2028 closed at 12.10/20 percent down from 12.10/15 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent.

A bond maturing on 15.03.2031 closed at 12.30/50 percent. (Colombo/Apr17/2024)

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Sri Lanka Treasury Bill yields down across maturities

ECONOMYNEXT – Sri Lanka’s Treasuries yields were down across maturities at Wednesday’s auction with the 3-month yield moving down 7 basis points to 10.03 percent, data from the state debt office showed.

The debt office sold all 30 billion rupees of 3-month bills offered.

The 6-month yield fell 5 basis points to 10.22 percent, with 25 billion rupees of bills offered and 29.98 billion rupees sold.

The 12-month yield dropped 4 basis points to 10.23 percent with 18.01 billion rupees of bills sold after offering 23 billion rupees. (Colombo/Apr17/2024)

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