FCID Arrests Suspect Over Illegal Pyramid Scheme

COLOMBO (News 1st): The Financial Crime Investigation Division (FCID) has arrested an individual for running an illegal financial institution.

Police stated that he was arrested under the Prevention of Money Laundering Act and the Banking Act for operating a pyramid-scheme financial institution, as well as earning money, promoting, advertising, managing, and committing criminal breach of trust against individuals who invested money.

The suspect arrested is a 48-year-old resident of the Panadura area.