Sri Lanka Express

US issues restraining order on bank accounts tied to Edwards, others in $50m CUP fraud scheme

A United States federal judge has placed a restraining order on bank accounts, several in Sri Lanka, owned or controlled by the defendants in the Cities Upliftment Program (CUP) fraud scheme that allegedly bilked investors worldwide to the tune of $50 million.

Accounts in NDB, HNB, HSBC, and Sampath Bank tied to  Sri Lankan businessman Rienzi Edwards and his associates are among those targeted for criminal forfeiture.

Edwards and New Mexico resident Michael J. Jacobs, the alleged ringleaders of the bogus international investment scheme, and 4 other co-conspirators were indicted in December 2016 for wire fraud, impersonation of a U.S. employee, aggravated identity theft and various money laundering and conspiracy charges.

 



  Rienzi Edwards
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  Michael J. Jacobs
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