Central Bank Governor Dr. Nandalal Weerasinghe said the Central Bank of Sri Lanka (CBSL) is investigating 18 institutions and individuals suspected of illegally accepting deposits from the public through so-called forest and plantation investment schemes.

Speaking at a media briefing to present the first Monetary Policy Statement of the year, the Governor explained that collecting money from the public with a promise of repayment constitutes illegal deposit-taking under the Financial Business Act. He noted that investigations into the identified parties are underway and that legal action is likely once inquiries are completed.

He urged the public to be wary of such schemes, observing that many people are drawn to plantation and crop-related investment offers. These ventures, he stressed, are not regulated by the Central Bank or any other authority, leaving investors without protection.

Dr. Weerasinghe also cautioned against claims of monthly returns of 30 to 40 percent from agricultural projects, describing such promises as unrealistic and unattainable through legitimate farming. He warned that financial fraud can take various forms, including offers tied to land deeds or ownership rights, and advised the public to carefully verify the credibility of any investment opportunity.

The Governor emphasized that individuals should only invest through institutions regulated by the Central Bank or other recognized authorities to avoid falling victim to scams.