Royal College Union announed that "Royal College’s Billionaire Club" was a bogus organization and had no connection to the school or the Union.

Multiple media reports earlier claimed that Royal College, Colombo 07, had established a club in the purpose of upgrading the facilities of the school.

However, issuing a statement, RCU said the Principal or any official authority associated with the school were unaware of the existence of such a club.

They said the school, the Union or any other official body were not responsible for the funds raised by the so-called club.

The statement added that the Union was in the process of probing who was responsible for the "misleading" media reports.