FCID tells court EPF management and four companies behind massive losses in Bond scam

The FCID informed court that the management of the Employees Provident Fund (EPF) along with two other companies and a bank were involved in a financial fraud in the purchase of treasury bonds.

FCID officials told the Fort Magistrates Court that the said institutions were responsible for more than Rs 80 million in losses while purchasing bonds worth Rs 8 billion and Rs 150 million.

A report was also submitted containing the findings of the investigations that began following a complaint lodged by the Prime Minister's Secretary Saman Ekanayake in this regard.

While informing court that investigations on the misappropriation of funds that were claimed to have been carried out with a criminal motive, were currently underway, the FCID also told court that it would investigate further to determine whether a financial audit was carried out on the transactions.

Court also heard that the financial scam was carried out on January 08, 2016.

It was also revealed before court that two employees at the EPF had illegally obtained money through this transaction that involved four companies including Perpetual Treasuries (Pvt.) Ltd, and Entrust Securities Plc.