New Zealand blacklists Sri Lankan finance company over visa fraud

ECONOMYNEXT – New Zealand has blacklisted a Sri Lanka finance company which had provided false information to get student visas, which may run into ‘thousands’, media reports said.

Among non-bank lenders known to have provided ‘deposit certificates’ is a troubled Sri Lanka finance company that is now under central bank administration, EconomyNext learns.

The modus operandi of a finance company providing a ‘deposit certificate’ was to create a fixed deposit in the books on the assets side of the balanc and also loan as a liability at the same time, according to an official source.
"Immigration New Zealand are going to manually review the 895 applications that came from Sri Lankan students through the Mumbai office in 2017," Immigration Minister Iain Lees-Galloway was quoted as saying by the New Zealand Herald newspaper.

"They’re going to see which of those involved this particular finance company."

"This is something that has appeared before, that there have been issues with this type of behaviour before. It is something Immigration New Zealand is very aware of."

Immigration New Zealand spokesman Michael Woodhouse was quoted as saying that there could be "thousands of applications approved with fraudulent documentation".

The report said in March, frauds had been found in 88 pending applications and 83 were declined. The finance company concerned had been blacklisted. (Colombo, 31 July, 2018)


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