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Saturday May 15th, 2021
Banking

Sri Lanka AG orders criminal probe over ETI Finance linked Rs13b unauthorised accounts

ECONOMYNEXT – Sri Lanka’s Attorney General has ordered a criminal probe over 13 billion rupees of illegal deposits allegedly taken by ETI Finance, and Swarnamahal Jewellers, based on the finding of a Presidential Commission of Inquiry a spokesperson said.

ETI Finance, a licensed finance company, is alleged to have operated undisclosed accounts of 6.48 billion rupees without informing the central bank.

The AG had ordered police to conduct a criminal probe for violating Finance Business laws and the anti-money laundering laws on January 05, a spokesperson for the AGs department said.

Swarnamahal Jewellers, was also alleged to have taken 7.2 billion rupees from the public without having a license from the central bank to run a finance company.

AG had also ordered a probe on an account where money had been paid to several persons.

The Criminal Investigations Department had been ordered to investigate violations of Sri Lanka’s finance and anti-money laundering laws. The AG is to file indictments at High Courts, the spokesperson said.

Several members of the founding Edirisinghe who were former ETI Finance had also been directors of Swarnamahal Jewellers.

The family had placed assets including property and a television station to boost the capital of ETI Finance, which had since been sold to repay legal depositors. (Colombo/Jan06/2021)

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