National People’s Power (NPP) MP Lakshman Nipuna Arachchi has informed Parliament that a new legislative proposal has been submitted to address ongoing problems linked to microfinance lending practices in Sri Lanka.
Speaking at a public event in Colombo, the MP underscored the seriousness of the issue, noting that microfinance-related debt has had devastating consequences for many families. He said reports indicate that around 200 women have lost their lives after being driven to extreme distress due to overwhelming loan burdens.
Meanwhile, a separate financial controversy has emerged involving a large-scale scam that falsely used the name and logo of the Colombo Stock Exchange (CSE). Senior Vice President of the CSE, Niroshan Wijesundere, confirmed that the fraud was carried out through a fake mobile application that misleadingly claimed to be connected to the exchange.
Officials revealed that the fraudulent scheme has been operating since November last year and has caused significant financial losses to unsuspecting members of the public. The Criminal Investigation Department (CID) has initiated a full-scale investigation into the matter.
Wijesundere has urged investors to remain vigilant and to verify the legitimacy of any trading platform through official CSE communication channels before making financial commitments, in order to avoid falling prey to such deceptive schemes.
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