Former Deputy Leader of the United National Party, MP Ravi Karunanayake, raised several questions in Parliament regarding the alleged Rs. 13,200 million financial fraud admitted by NDB Bank during the 2024–2025 financial year and the first quarter of 2026.
Addressing Parliament, the MP said the incident raises serious concerns regarding the supervisory responsibilities of the Central Bank of Sri Lanka and the effectiveness of existing financial oversight mechanisms.
Karunanayake particularly questioned the role of the Financial Intelligence Unit (FIU) and whether adequate measures had been taken under frameworks related to financial supervision, system stability, and anti-money laundering regulations.
The MP questioned the Finance Minister regarding the Central Bank’s failure to detect or act on the alleged fraud for more than three years despite the responsibilities vested in its supervisory departments.
“Mr. Speaker, if you or I receive one hundred thousand rupees, the Central Bank asks a hundred questions. Here we are talking about Rs. 13,200 million and more than 3,000 transactions. Why has the Central Bank, which has been granted independence, failed to provide answers regarding this matter?” he questioned.
Karunanayake also raised concerns over reports suggesting that at least two banks had allegedly flagged suspicious transactions to the Financial Intelligence Unit around 16 months before the matter became public.
He questioned why those reports were not acted upon and whether there had been failures in responding to early warnings.
The MP further asked how such shortcomings could be justified under Sri Lanka’s anti-money laundering framework and called for greater accountability regarding regulatory oversight.
The remarks come amid increasing scrutiny over banking supervision, financial sector governance, and the role of regulatory institutions in safeguarding the stability of the country’s financial system.
