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sundaytimes.lkarticle

NDB Bank to engage foreign agency to recover stolen Rs.13.69 bn

News report on the aftermath of a Rs.13.69 billion internal fraud at Sri Lanka's NDB Bank, based on a Deloitte Touche Tohmatsu India forensic audit. The audit found funds laundered through offshore banking channels and, for a smaller Rs.390 million portion, through a crypto-conversion platform called "Buy Today" using automated sub-accounts on Binance to swap fiat for crypto and move it to secondary wallets, exploiting weak regional compliance controls. The bank is now moving to hire a foreign asset-recovery specialist, likely tied to networks such as ARIN, INTERPOL's Global Focal Point Network, or the Egmont Group.

TL;DR NDB Bank's forensic audit of a Rs.13.69bn insider fraud exposes offshore and crypto laundering via automated Binance sub-accounts, prompting a cross-border asset-recovery hunt.
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Organisations named here

  • Deloitte Touche Tohmatsu India LLP
  • INTERPOL Global Focal Point Network

Technologies named here

  • NDB Bank
  • Asset Recovery Inter-Agency Networks
  • INTERPOL's Global Focal Point Network
  • Colombo Stock Exchange
  • Buy Today
  • Egmont Group
  • Binance

Techniques named here

  • International fund transfer via offshore banking systems
  • Fiat-to-crypto conversion for laundering
  • Use of automated sub-accounts on exchanges
  • Exploitation of weak regional compliance regulations

Threat actors named here

  • Unnamed perpetrators of the NDB Bank internal fraud

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