Fraud Advice

The Fraud Bureau has sought Attorney General’s advice on how to proceed with the GoldQuest case, after the Controller of Exchange who is conducting a foreign exchange fraud investigation, referred the matter to the Bureau. The Fraud Bureau has sought Attorney General’s advice on how to proceed with the GoldQuest case, after the Controller of Exchange who is conducting a foreign exchange fraud investigation, referred the matter to the Bureau. “We wanted to know from the Attorney General, what provisions were available under existing laws for us to act in the gold quest case,” SSP K Pinidiya told The Sunday Times FT and Lanka Business report.

Specific anti-pyramiding laws to ban such schemes are still at draft stages but in many countries such schemes are halted under lottery statutes.

Meanwhile, in the ongoing revenue fraud investigation the Import and Export Control Department have instructed Sri Lanka Customs to proceed against the GoldQuest’s shipping agents in Sri Lanka.

Customs recently raided the firm and took into their custody documents relevant to the investigations.

The latest shipment of gold medallions and other GoldQuest products, which are thought to have a transaction value of about Rs 20 m