NDB unable to reveal full scale of insider financial fraud View(s):By Kapila BandaraThe National Development Bank (NDB) has informed the financial market that a Rs 380 million fraud has been pulled off by some staff and others and warned that “the final amounts could be substantially greater’’. NORFUND’s nominee on the NDB board is Sanjaya Mohottala, a senior adviser to Boston Consulting Group. NDB said it had initial “indications” of a fraud of about Rs 380m and was awaiting “ongoing criminal investigations and the internal inquiries”. But a bank’s board is ultimately responsible and accountable for the bank’s affairs, including financial soundness and risk management. Just weeks earlier, NDB reported Rs 11 billion post-tax profit, which the bank said was the highest in its history, largely supported by core operations.

Source: Sunday Times April 05, 2026 05:29 UTC