Fake Colombo Stock Exchange Scheme Scams Investors of Over Rs. 17 Million

A fraudulent investment scheme misusing the name and logo of the Colombo Stock Exchange (CSE) has defrauded unsuspecting depositors of more than Rs. 17 million, prompting the CSE to lodge a formal complaint with the Criminal Investigation Department (CID).

According to CSE Senior Vice President (Marketing) Niroshan Wijesundara, the scammers posed as a legitimate financial company registered with the Colombo Stock Exchange, offering stock market investments and financial advisory services. The fraudulent operation was reportedly carried out through a fake mobile application and is believed to have been active since November last year.

“Based on information received so far, over Rs. 17 million has been defrauded, but it is difficult to determine the exact number of victims at this stage,” Wijesundara said.

Investigations are currently underway, with the CID probing the matter. No suspects have been identified so far.

The CSE has urged the public to exercise caution when making investment decisions and to strictly follow formal investment procedures. Investors are advised to verify information and seek guidance directly from official Colombo Stock Exchange channels to avoid falling victim to similar fraudulent schemes.