Sri Lanka, Sept. 17 -- An order was issued to a resident of Dambulla to suspend accepting deposits from the public following an investigation into illegal deposit-taking, the Central Bank of Sri Lanka stated.

The Central Bank noted that the individual accepted deposits in violation of the Finance Business Act No. 42 of 2011.

Between 2019 and 2022, the individual obtained deposits from the public by issuing promissory notes and entering into loan agreements contrary to the provisions of the Central Bank Act.

In an official statement, the Central Bank added that the individual was instructed to refund all existing deposits back to the public.

Published by HT Digital Content Services with permission from Hiru News....