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Massive fraud at Ruhunu Dev. Bank: Auditor General

30 September 2011 05:45 pm - 0     - {{hitsCtrl.values.hits}}

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Some officials of the Ruhunu Development Bank had fraudulently withdrawn Rs. 6.1 million recently, the Auditor General report released to Parliament stated.

All these regional banks including Ruhunu Development Bank were amalgamated for the formation of the Pradeshiya Development Bank last year.

The Auditor General said in his report  that the fraudulent withdrawals had been made during the period January 1, 2008 and March 2010.  In the report, it had been cited as a loss to the bank.

Also, the Auditor General observes that confirmation in respect of investment valued at Rs.1.5 billion was not available for audit last year.

The report says that the bank has not followed proper documentary procedures in taking investment decisions.

The value of non-performing investments amounted to Rs.47 million during the year under review. (Kelum Bandara)
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