Some Sri Lankans in Doha are falling prey to illegal and unscrupulous financial institutions back home. The institutions solicit deposits promising high returns and eventually gobble them up.
The victims are highly critical of the regulatory authorities at home for not acting tough against the shady operators.
One Sri Lankan resident asking not to be identified said he had fallen victim to a nasty financial scam at home and lost his hard-earned savings. He was bitterly critical of the regulators for allowing such shady operators to "flourish" in the country.
Sri Lanka is experiencing increasing numbers of financial scandals, making deposits, especially in unauthorised financial institutions, highly risky, several Sri Lankans told the Peninsula newspaper.
"I advise fellow Sri Lankans to trust only recognised banks back home with their deposits," said Mohamed Faizer, a Doha based accountant. Many Sri Lankans in Doha are depositing their money in various financial institutions at home in a misguided way, trusting those individuals and institutions who may be undermining or bypassing the rules and regulations of the country with promises of extraordinary yield.
"There have been several financial scandals in the recent past and no action has been taken," said M Jameel, a Sri Lankan resident.