NDB probes Rs. 380 mn internal fraud

April 3, Colombo (Daily Mirror) -  National Development Bank PLC (NDB) said it has launched a probe into an internal fraud involving employees and third parties, with early estimates pointing to a potential loss of about 380 million Sri Lankan rupees, that could rise.

The bank said it has referred the matter to law enforcement authorities for investigation and is conducting internal inquiries, adding that it is currently unable to quantify the full extent of the fraud.

NDB has informed the Central Bank of Sri Lanka and said it will cooperate with regulators to mitigate any losses and ensure accountability.

The bank also said customer deposits and account balances remain secure and that there is no impact on its ongoing operations.