NDB Bank Fraud Losses Far Exceed Initial Figures, Parliamentary Committee Reveals

Actual Losses Significantly Higher Than First Disclosed

The Committee on Public Finance has revealed that the financial losses sustained by NDB Bank as a result of an internal fraud are considerably greater than what was first made public, raising fresh concerns over transparency and financial oversight within the institution.

According to the parliamentary committee, the total amount involved in the fraud has risen by approximately Rs. 400 million — or Rs. 0.4 billion — when measured against the figures originally disclosed by NDB Bank on 6 April 2026.

Initial Disclosure Falls Short of True Scale

The bank's first public statement on the matter, released earlier this year, outlined a figure that the committee has since determined to be a significant underrepresentation of the actual damage. The revised assessment places the true extent of the fraud at a level substantially exceeding what shareholders, regulators, and the public were initially told.

The revelation has drawn renewed scrutiny to the bank's internal reporting mechanisms and the speed with which accurate information was brought before the relevant authorities.

Concerns Over Accountability and Oversight

The Committee on Public Finance, which plays a key oversight role in monitoring the financial affairs of public and regulated institutions, is expected to press for greater accountability in the handling of this case. The discrepancy between the reported and actual figures has underscored the need for stricter disclosure standards within Sri Lanka's banking sector.

NDB Bank, one of Sri Lanka's prominent licensed commercial banks, has yet to issue a comprehensive updated public statement addressing the revised loss figures confirmed by the parliamentary body.

Financial analysts and depositors alike are expected to watch closely as further details emerge from the committee's ongoing examination of the matter.

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