The newly formed Proceeds of Crime Investigation Division (PCID) will help speed up investigations into major financial frauds, according to the Minister of Public Security, Ananda Wijepala.
Speaking at the opening of the unit yesterday (20), Wijepala stated that high-profile investigations, including the Central Bank Bond scam, currently being handled by the Criminal Investigation Department (CID) and the Financial Crimes Investigation Division (FCID), would benefit from the PCID's support and enhanced capabilities.
The Minister emphasised that a primary goal of the new division would be the recovery of illegally obtained assets.
He referenced a previous statement by a former Auditor General, who claimed that out of USD8 billion in project loans obtained by the country, less than USD2 billion in assets could be accounted for.
Wijepala suggested the remaining USD6 billion had been unlawfully acquired.
He affirmed that the PCID has been granted extensive powers under the Proceeds of Crime Investigation Division Act No. 05 of 2025 to facilitate the recovery of these stolen assets.
"What happened to the rest of USD 6 billion as revealed by the former Auditor General. Whoever had acquired it can be recovered from this Act. There are famous investigations in the CID and FCID such as the Bond scam. There are illegally acquired assets while some have received financial benefits through the Bond scam. This Division will facilitate and broaden the investigations into this," he said.
Wijepala stressed the need to stop the practice of illegal wealth acquisition, assuring the public that the new Act would not affect those who earn money through legal means.
Speaking at the opening of the unit yesterday (20), Wijepala stated that high-profile investigations, including the Central Bank Bond scam, currently being handled by the Criminal Investigation Department (CID) and the Financial Crimes Investigation Division (FCID), would benefit from the PCID's support and enhanced capabilities.
The Minister emphasised that a primary goal of the new division would be the recovery of illegally obtained assets.
He referenced a previous statement by a former Auditor General, who claimed that out of USD8 billion in project loans obtained by the country, less than USD2 billion in assets could be accounted for.
Wijepala suggested the remaining USD6 billion had been unlawfully acquired.
He affirmed that the PCID has been granted extensive powers under the Proceeds of Crime Investigation Division Act No. 05 of 2025 to facilitate the recovery of these stolen assets.
"What happened to the rest of USD 6 billion as revealed by the former Auditor General. Whoever had acquired it can be recovered from this Act. There are famous investigations in the CID and FCID such as the Bond scam. There are illegally acquired assets while some have received financial benefits through the Bond scam. This Division will facilitate and broaden the investigations into this," he said.
Wijepala stressed the need to stop the practice of illegal wealth acquisition, assuring the public that the new Act would not affect those who earn money through legal means.
