The owner of Kaduwela Enterprises has gone to Japan, while his family members were in Australia.
Six officials of a leading bank have been suspended for aiding the man by giving him more money for the vehicles than their actual worth.
Among those who had been tricked by him are the father of a government minister, a well-known Buddhist monk in Kaduwela, the caretaker of a Devale, wealthy businessmen and policemen.
He was exposed after the minister made inquiries in the Kaduwela area a few days ago.
He was assaulted at the car sale and 25 cars and two luxury buses, all unregistered, had been taken away by the minister for the money he owes his father, reports add.