Multi-million financial fraud in Malambe

Police have received many complaints regarding a multi-million financial fraud committed by running a private company in Malambe, claiming to provide services including financial facilities for building houses and acquiring land. People who have deposited money in the scam say that the owners have run several institutions under different names. The depositors allege that the owners have now fled with their money.

They have carried out this fraud by publishing advertisements on social media saying that services including house construction and land purchase will be done at concessional prices.

According to the advertisement, many people have gone to that institution and deposited money for buying land and building houses.

After making an initial payment to that institution, the remaining amount can be paid to that institution in installments depending on the value of the house or the land, a person there has informed the people visiting there.

Accordingly, a group of nearly 50 have paid money to this institution, in the hope of getting houses or land. According to a notice given by the owner of the institution to finish paying the money before June 22, they have paid the amount. But the depositors say that the institution has been closed since June 23 and the owners of the institution have fled.