A suspect has been arrested by the Criminal Investigation Department (CID) over a large-scale fraud in which a businessman was allegedly cheated of more than Rs. 180 million after being promised five kilograms of gold.
The suspect was produced before the Colombo Magistrate’s Court following CID investigations. The court ordered him remanded until Tuesday and directed that he be produced for an identification parade, after police requested such an arrangement.
The complaint relates to a businessman from the Periyamulla area who was allegedly defrauded through the gold transaction scheme. Two other suspects linked to the same incident are already in remand custody, bringing the total number of accused in the case to three.
Police have not disclosed how the businessman was approached or what proof of stock was presented at the time the Rs. 180 million was handed over. The identification parade ordered by the court is expected to formally link the new suspect to the alleged transaction.
Gold-conversion frauds involving large cash payments against bullion that is never delivered have surfaced repeatedly in Sri Lanka over the past year, often involving syndicates operating across multiple districts. The CID will continue investigations under the supervision of the Colombo Magistrate’s Court.
