Sriyavi Homes
By Kurulu Kariyakarawana, Kusal Chamath and K. S. Fernando, Panadura
The proprietor of Sriyavi Homes Lands and Investment was taken into custody by a special police team in Bambalapitiya yesterday for allegedly defaulting Rs. 430 million promising real estate and housing construction.
Police Spokesman SDIG Nimal Mediwake had told the Daily Mirror that the suspect named Narangoda Liyanage Don Hasantha Minol Narangoda was arrested by the Panadura Police Crime Investigation Unit on a tip-off.
According to initial investigations the suspect had collected Rs. 430 million from 40 individuals who had invested in his real estate company to purchase land and to construct houses.
The suspect had gone missing about three months ago and his clients had started to worry about their money who had lodged complaints with the police.
A number of persons from the areas of Negombo, Ja-Ela, Wattala, Kandana, Ragama, Peliyagoda and Gampaha had invested in his company Sriyavi Homes Lands and Investment situated at No. 283, Negombo Road, Dandugama in Ja-Ela.
The suspect had advertised building houses on interest-free instalment basis for customers after making an initial instalment.
He had also given a 50% interest per annum for deposits. However, the customers had lost their initial payment and hopes of getting a house built.
He had also maintained an internet website of his company under the address of www.sriyavihomes.com.
According to police the suspect had been warranted by the Polonnaruwa Court after he went missing three months ago.
The Police had arrested the suspect after investigating the complaints made against him.He was being further questioned under a detention order by the Panadura Crime Investigation Unit.
The case was to be handed over to the Criminal Investigation Department for further interrogation and investigation depending on the fact that many more would lodge complaints.
This comes to light amidst a series of multi-million financial institution frauds reported following the exposure of Sri Lanka’s largest scam, Sakvithi.
Fact boxA number of persons from the areas of Negombo, Ja-Ela, Wattala, Kandana, Ragama, Peliyagoda and Gampaha had invested in his company Sriyavi Homes Lands and Investment situated at No. 283, Negombo Road, Dandugama in Ja-Ela.