Sri Lanka, Feb. 1 -- The Criminal Investigation Department (CID) has arrested a 69-year-old businessman for allegedly defrauding a gem merchant of nine gemstones valued at Rs.890 million.

According to the Special Investigation Unit of the CID, the suspect had obtained the precious stones by issuing cheques from bank accounts that lacked sufficient funds.

Investigations revealed that while the total value of the gems was nearly Rs.900 million, the suspect had issued dishonoured cheques amounting to approximately Rs.6.4 million as part of the transaction.

The suspect, a resident of Kollupitiya, was taken into custody after being summoned to the CID to provide a statement regarding allegations of criminal breach of trust and misappropriat...