brand logo

CID probes alleged Rs. 12 b Altair fraud

09 Apr 2021

  • Indian company complains about SL subsidiary

By Ishara Ratnakara The Criminal Investigation Department (CID) informed the Colombo Chief Magistrate’s Court yesterday (8) that they are conducting a broad investigation into whether a fraud amounting to approximately Rs. 12 billion had been committed in the sale of shares of the Altair multi-storey mixed development project. The probe has commenced following a complaint lodged by a private company based in Calcutta, India. Manmohan Basli, the Vice Chairman (VC) of the said company, has informed the CID that two directors attached to a subsidiary private company (located in Sri Lanka), which is owned and controlled by the relevant Indian company of which he is the VC, had intervened in committing this fraud. The complainant claimed that when a share of the Altair project had been priced at Rs. 272, through the fraudulent sale of a share at Rs. 2 without informing or obtaining permission from the complainant company, a fraud of Rs. 11,745,000,000 had been committed. CID officers informed the court that two directors of the local company were involved in the said fraud and that they would conduct further investigations after obtaining a court order.

Kapruka

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!


More News..