Fake co-operative bank discovered in Kandy

Irangika RANGE

The Co-operative Development Department has received information regarding a fake bank in Kandy which has looted depositors money to the tune of around Rs. 1 million by isllegally using the name of the Co-operative.

Officials, who had managed this bank had also disappeared, sources said.

According to Co-operative Commissioner, A. P. G. Kithsiri this bank had been engaged in fraudulent activities under the name of Human Resources Co-operative Society Bank (Manawa Sampath Samupakara Samithi Bankuwa) in Kandy.

The Commissioner said people who deposited money in this bank have filed over 75 cases against it. "This bank has also failed to pay interest for debts taken from other financial organisations," he said. He said the department has received information regarding the setting-up of some fake banks using the Co-operative name in the Central Province. Trade, Marketing Development, Co-operatives and Consumer Services Minister Bandula Gunawardhana has instructed the Central Provincial Council to cancel its registration.