Police shed light on massive fake crypto investment scheme

Police shed light on massive fake crypto investment scheme

October 27, 2022   07:42 pm

The police today (Oct. 27) shed light on a massive financial fraud committed through a fake cryptocurrency investment scheme.

The Criminal Investigation Department (CID) had initiated probes after receiving a complaint about the scam, according to Police spokesperson SSP Nihal Thalduwa.

According to him, one Sri Lankan named Keerthi Bandara was arrested in connection with the incident. He is currently out on bail.

Meanwhile, a Chinese man by the name Zhang Kai and his girlfriend have also been taken into custody over the scam. They were arrested at the Bandaranaike International Airport (BIA) in Katunayake on September 12 while attempting to fly out of the island.

The trio had set up a website called “Sports Chain” which they used to lure investors by introducing it as a highly profitable cryptocurrency investment platform.

They had commenced their fraudulent operation in 2020 and run it as a Ponzi scheme, an investing scam that generates returns for earlier investors using the money obtained from new investors.

At least 8,000 Sri Lankans have been scammed by the three suspects and have swindled more than Rs. 14 billion, according to the police spokesperson.

Earlier reports revealed that professionals like doctors, teachers, security personnel and people from lower middle-income backgrounds have been affected by the scam.

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

LIVE🔴 Ada Derana Prime Time News Bulletin 6.55 pm

LIVE🔴 Ada Derana Prime Time News Bulletin 6.55 pm

🔴LIVE | Ada Derana Midday Prime News Bulletin

Tourist arrivals in September top 52,000 (English)

Dilith Jayaweera on the mindset required for entrepreneurship and its true essence (English)

Tests confirm substance found in Middeniya contained chemicals used for production of 'ICE' (English)

“President's Fund which benefited only a limited group has now become a public fund” – PM Harini (English)

🔴LIVE Ada Derana Prime Time News Bulletin - 2025.09.14

Sri Lanka welcomes UN resolution endorsing New York declaration on Palestine (English)