World · Sri Lanka Bureau
Teenager arrested in Colombo over alleged Rs 10.4m Undiyal scheme
Police have arrested a 19-year-old in Colombo in connection with a fraudulent Undiyal transaction valued at Rs 10.4 million. The arrest comes as authorities intensify efforts to crack down on illegal investment schemes.
LSN Sri Lanka ·
A 19-year-old suspect has been taken into custody by Colombo police following an investigation into an alleged Undiyal fraud scheme involving Rs 10.4 million. Undiyal, a traditional practice where groups pool money for periodic payouts to members, has increasingly become a vehicle for financial fraud across the country.
The arrested individual was apprehended following a complaint filed regarding the unauthorized transaction. Officers recovered evidence during the arrest that is currently being examined as part of the ongoing investigation into the scheme.
Undiyal-related frauds have raised significant concerns among law enforcement agencies, with numerous cases reported across urban and suburban areas of Sri Lanka. The schemes typically attract participants through promises of guaranteed returns, but frequently collapse when organizers abscond with collected funds.
The suspect is expected to be produced before a magistrate for further proceedings. Police have urged members of the public to exercise caution when participating in informal investment schemes and to report suspicious financial activities to the authorities.