Court orders Police to submit report on Beecoin ban by Central Bank

By Bhagya Silva

Colombo, March 27 (Daily Mirror) - Colombo Chief Magistrate Tanuja Lakmali ordered the Criminal Investigation Department (CID) to submit a report on when the Central Bank of Sri Lanka (CBSL) had officially banned the allegedly illegal pyramid financial scheme known as Beecoin, which was accused of defrauding public funds under the guise of poverty alleviation projects.

During the hearing, Counsel Dumesh Kariyawasam, appearing for the suspects, pointed out that at the time of their arrest, Beecoin had not yet been officially declared an illegal entity by the Central Bank. He argued that the CBSL had only issued its ban through newspaper announcements two months later, on January 20, 2025, despite the suspects being arrested on October 24, 2024.

The three suspects, Harischandra de Silva, Dayaratne Walisundara, and Deshan Iresh Silva, who are currently out on bail, were present in court. Their legal counsel contended that since the CBSL had only declared the company illegal months after their arrest, the defendants and their clients had no prior knowledge of Beecoin’s unlawful status.

After considering the submissions, the Chief Magistrate told the CID to provide a report confirming the exact date on which the Beecoin company and its related software were officially banned.