The Criminal Investigation Department (CID) has arrested a retired senior professor in connection with an investigation into a LKR 58 million financial fraud at the Dubai branch of the Postgraduate Institute of Management (PIM), affiliated with the University of Sri Jayewardenepura.
The PIM's international branch in Dubai was established in 2007 but was shut down in September 2009 due to fraud.
The arrested professor, now 78 years old, was serving as the managing director of the branch at the time.
The CID stated that the total value of the fraud amounted to LKR 58,200,000.
The senior professor, a resident of Pannipitiya, was arrested on August 1 and was later released on bail on August 2 after being produced in court.
The CID further stated that several other individuals are expected to be arrested in connection with this fraud.
The PIM's international branch in Dubai was established in 2007 but was shut down in September 2009 due to fraud.
The arrested professor, now 78 years old, was serving as the managing director of the branch at the time.
The CID stated that the total value of the fraud amounted to LKR 58,200,000.
The senior professor, a resident of Pannipitiya, was arrested on August 1 and was later released on bail on August 2 after being produced in court.
The CID further stated that several other individuals are expected to be arrested in connection with this fraud.
