National Development Bank PLC (NDB) has officially informed the Colombo Stock Exchange that Deloitte Touche Tohmatsu India LLP has completed its independent forensic investigation into a previously reported fraud incident within the bank.
The disclosure reveals that Deloitte’s final assessment identifies the total financial impact of the fraud to be Rs. 13,639,664,684 (approximately LKR 13.64 billion). This figure reflects an increase of Rs. 60,000,000 over the previously reported amount of Rs. 13,579,664,684 in the bank’s interim report dated June 26, 2026. The additional Rs. 60 million will be accounted for in the bank’s financial records as per relevant accounting standards.
Deloitte’s final report provides a detailed analysis of the financial repercussions of the fraud across three specific accounting periods:
Submit Your Press Release
Get your company news, announcements, launches, appointments and events in front of a wider audience.
- Period Before January 1, 2025: Finalized at LKR 1,462,665,000, an increase from the bank’s initial estimate of LKR 914,505,000 and the interim figure of LKR 1,417,665,000 disclosed in June.
- Financial Year Ending December 31, 2025: Remains unchanged at LKR 9,617,000,000, consistent across all internal and external evaluations.
- Quarter Ending March 31, 2026: Concluded at LKR 2,560,000,000, which adjusts the prior estimate of LKR 2,668,495,000 and the interim figure of LKR 2,545,000,000.
Overall, the financial repercussions have escalated from the bank’s initial internal estimate of LKR 13.20 billion on April 6, 2026, to Deloitte’s confirmed total of LKR 13.64 billion.
Deloitte was appointed following consultations with the Director of Bank Supervision at the Central Bank of Sri Lanka (CBSL), and the firm submitted its final report to the regulator, with a copy also provided to NDB.
NDB noted that the findings from Deloitte align broadly with the results of the bank’s own internal investigation. Legal actions against the individuals involved are currently ongoing in court, following formal notifications to law enforcement agencies. Additionally, NDB has sought the assistance of an international agency that specializes in recovering misappropriated funds and digital assets.
On the internal front, NDB has begun disciplinary measures against personnel found to be complicit, negligent, or responsible for lapses in oversight. The bank confirmed its commitment to implementing Deloitte’s recommendations aimed at enhancing governance, addressing control weaknesses, and rectifying technology issues, while keeping the CBSL informed of its progress.
Furthermore, NDB assured its depositors, clients, and stakeholders that no customers have experienced financial losses due to the fraud, and all customer account balances are secure. The bank reiterated its strong capital position and robust liquidity.
