Fraud case:

Ceylinco Sri Ram Directors released on cash bail

Sarath MALALASEKERA

The Criminal Investigation Department (CID) yesterday produced four directors of Ceylinco Sri Ram Capital Management Private Company before Colombo Fort Magistrate and Additional District Judge Gihan Pilapitiya. They are alleged to have failed to pay the depositors Rs.7 billion.

Directors H.K.D. Silva, Rajive Wijetunga, K.P. Jayatissa and Ruwan Sirisena were released on cash bail in Rs.50,000 and Rs.500,000 with two sureties each.

The Judge directed them to appear before the CID once a month on every last Sunday and directed them not to interfere with the prosecution witnesses and also to surrender their passports to court.

The CID commenced investigations into the alleged massive fraud on the instructions of the Attorney General on a directive by the Sri Lanka Central Bank.

CID investigations revealed that the four directors had misappropriated depositors’ funds. They also had operated several other companies, said State Counsel Shaminda Wickramage.

President’s Counsel Rienzie Arasacularatne and Sudharshi Gunaratne who appeared for the four directors, said their clients will assist the CID in their investigations and will not leave the country.

The suspects had already made arrangements to pay the depositors, President’s Counsel Arasacularatne said.

Granting bail to the four directors, the Judge directed them to appear in court on July 17.