Central Bank probes Kasagala Green Plantation over false regulatory claims

The Central Bank of Sri Lanka has launched a formal investigation into Kasagala Green Plantation (Private) Limited, following false assertions by a company director on national television that the agricultural venture is regulated by the country’s top financial authority. 

The probe comes amid a growing trend of unauthorised entities utilising public platforms and aggressive advertising to solicit funds from the public under the guise of high-yield investment schemes.

The controversy stems from remarks made by Malwattage Ranjith Nandana Pieris, a Director at Kasagala Green Plantation, during the “Pini Viyana” television programme broadcast on the Independent Television Network (ITN) on June 8, 2026. During the broadcast, Pieris claimed that the company is an entity regulated by the Central Bank of Sri Lanka, submitting data and documents every six months, and further stated that the regulator actively monitors the firm for any concerns.

In a strongly worded press release issued on June 12, 2026, the Central Bank categorically denied these claims, labelling them as factually incorrect, misleading, and devoid of any legal basis. The financial regulator emphasised that such statements have the potential to cause serious financial damage to the viewing public, particularly when disseminated through mainstream electronic and social media channels.

Consequently, the Central Bank has initiated an investigation into Kasagala Green Plantation under the provisions of the Finance Business Act, No. 42 of 2011. The inquiry aims to ascertain whether the company is unlawfully operating a finance business or accepting deposits from the public in direct contravention of Section 2 of the Act.

Kasagala Green Plantation is part of the broader Kasagala Group of Companies, which presents itself online as a diversified operation aiming to be a leader in sustainable agriculture and green investments. The firm’s corporate website claims to cultivate export-oriented crops such as bell pepper, black pepper, TJC mango, Scotch Bonnet, and cinnamon. The company heavily markets its projects as high-yield investment opportunities that bring in foreign exchange to strengthen the national economy, encouraging public financial participation to supposedly uplift rural livelihoods and support farmer supply chains.

However, specific financial disclosures or transparent operational data regarding investor returns, balance sheets, and the exact scale of their agricultural footprint are notably absent from the company’s public domain. This lack of financial transparency, coupled with the reliance on television appearances to project regulatory legitimacy, mirrors the operational tactics frequently observed in unauthorised deposit-taking operations across the island. Such schemes often exploit the appeal of lucrative agricultural or real estate ventures, leveraging mainstream media exposure and occasionally local public figures to build unwarranted trust among unsuspecting investors.

The regulator continues to urge the public to remain vigilant and independently verify the authorisation status of any investment vehicle prior to committing funds, cautioning media institutions against publishing promotional content for entities exhibiting unverified deposit-taking features.