A new study shows that fraudulent practices across business activities has risen over the past two-years in Sri Lanka, with billions of rupees lost each year to economic crime.
Some 83 percent of those surveyed by international accounting firm, KPMG Sri Lanka, felt incidences of fraud has increased over the last two-years.
While the survey, which was done between 2011/12, was unable to quantify the total economic loss, KPMG said the highest fraud related loss in excess of 3.0 billion rupees was discovered in the industrial sector.
The lowest loss of 2.5 billion rupees came from the agriculture sector.
Most frauds in Sri Lanka were related to financial services, intellectual property, bribery and corruption and diversion of funds and goods.