Three directors of pyramid scheme company remanded over Rs. 1.5 Bn financial fraud

14 March 2025 07:26 pm Views - {{hitsCtrl.values.hits}} 4 Bookmark

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By Bhagya Silva

Colombo, March 14 (Daily Mirror) - Colombo Chief Magistrate Thanuja Lakmali today remanded three directors of Smart Win Pvt Ltd till March 17 for allegedly operating an illegal pyramid financial scheme under the guise of a Wallapatta cultivation project, defrauding investors across the country of Rs. 1.5 billion.

The directors remanded are Manjula Weerasinghe, Sudam Chandana, and Ravindralal Sanjeewa.

The Criminal Investigation Department (CID) revealed that the company operated a pyramid scheme, promising investors triple or quadruple returns in exchange for an initial deposit of Rs. 30,000 per Wallapatta plant.

The CID further informed court that the total amount defrauded through this scheme exceeds Rs. 1.5 billion. Investigations have also confirmed that the company was operating without legal approval from the Central Bank of Sri Lanka, engaging in unauthorized financial activities and violating anti-money laundering laws.

Comments - 4

Loddy Saturday, 15 March 2025 12:54 AM

Sri lankans over the years have become swindlers, cheats, conmen, pickpockets, scammers etc etc. Please keep it up so we can become world famous.

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Ram P Saturday, 15 March 2025 04:57 AM

By now the money would have gone missing. They will get bail eventually after a few months and poor investors will suffer for their lives. Kotalawala matter also the Directors were remanded, before granting bail their assets declarations were required by court. They are out now, some are deceased and the poor depositors continue to suffer

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Soori Maripalan Saturday, 15 March 2025 10:34 AM

Great! Find more!

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Nimal 1 Sunday, 16 March 2025 06:39 AM

In spite of many scams that have taken place over the last few decades, our people still fall prey to these swindlers.

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