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Central Bank of Sri Lanka Prepares to Sue Group Involved in $47 Million Encryption Scam

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According to reports, the Central Bank of Sri Lanka is preparing to file a lawsuit against a group of individuals suspected of organizing a $47 million encryption scam. According t

Central Bank of Sri Lanka Prepares to Sue Group Involved in $47 Million Encryption Scam

According to reports, the Central Bank of Sri Lanka is preparing to file a lawsuit against a group of individuals suspected of organizing a $47 million encryption scam. According to the local financial crime Investigation Bureau (FCID), the so-called Ponzi scheme was created by nine people. They promoted an encryption project called Sports Chain and a related coin that had never actually existed. The Sri Lankan authorities have noticed suspicious activities after last year’s investigation by Al Jazeera Television. FCID has filed a lawsuit in court. The lawsuit claims that they defrauded about 15 billion rupees (approximately $46.6 million) from over 8000 Sri Lankans. Some suspects were detained in 2022 but were released on bail in December. FCID claims that the fraudster is suspected of investing some of the funds received from the victims in expensive cars and luxury apartments in Colombo, Sri Lanka.  

Sri Lankan authorities have discovered fraudulent encryption schemes worth $47 million

Introduction

The Central Bank of Sri Lanka is gearing up to file a lawsuit against nine individuals who allegedly organized a $47 million encryption scam. Reports suggest that the scam was designed to defraud over 8000 Sri Lankans of their hard-earned money. In this article, we will take a closer look at the Ponzi scheme and its alleged perpetrators.

The Sports Chain Scandal

The Ponzi scheme in question was allegedly created by nine people who promoted an encryption project called Sports Chain and a related coin that never actually existed. According to the local financial crime Investigation Bureau (FCID), the suspects defrauded around 15 billion rupees (approximately $46.6 million) from unsuspecting victims. The Sri Lankan authorities became aware of the suspicious activities after an investigation by Al Jazeera Television in 2021.

The Lawsuit

The FCID has filed a lawsuit in court, claiming that the suspects used Sports Chain as a pretext to lure investors into a fraudulent scheme. The lawsuit alleges that the fraudsters promised high returns on investment but failed to deliver on their promise. The FCID further claims that the suspects invested some of the funds they received from the victims in expensive cars and luxury apartments in Colombo, Sri Lanka.

Suspects Released on Bail

Some of the suspects were detained in 2022 but were released on bail in December. However, the Sri Lankan authorities are determined to bring the perpetrators to justice. The Central Bank of Sri Lanka is collaborating with the FCID to ensure that the lawsuit is successful.

Conclusion

The alleged Sports Chain scam is a clear example of how cybercriminals can take advantage of unsuspecting victims. The Sri Lankan authorities are working hard to bring the perpetrators to justice, and we can only hope that justice will be served. The lesson here is that it is important to be cautious when investing in any project, especially when it comes to digital currencies. Always do your due diligence and verify the authenticity of any project before investing your hard-earned money.

FAQs

1. What is the Sports Chain scam?
– The Sports Chain scam was a Ponzi scheme designed to defraud over 8000 Sri Lankans of their hard-earned money. The scheme involved promoting an encryption project called Sports Chain and a related coin that never actually existed.
2. What are the allegations against the suspects?
– The suspects are accused of defrauding around 15 billion rupees (approximately $46.6 million) from unsuspecting victims. The lawsuit alleges that the fraudsters promised high returns on investment but failed to deliver on their promise.
3. What is the Central Bank of Sri Lanka doing about the scam?
– The Central Bank of Sri Lanka is working with the local financial crime Investigation Bureau (FCID) to ensure that the lawsuit against the suspects is successful. The authorities are determined to bring the perpetrators to justice.

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