Probe Launched Into Fake Financial Institution Operating Under Cooperatives

COLOMBO (News 1st) - In a revelation made by the Deputy Minister of Cooperative Development Upali Samarasinghe it has come to notice that various individuals and groups are operating fraudulent financial institutions using the names of cooperatives.

Deputy Minister Upali Samarasinghe said these institutions have been registered by exploiting regulations related to the registration of cooperatives.

The Deputy Minister said a probe has been launched into hunting down such institutions.