3 directors remanded over Rs.1.5 bn. pyramid scheme
The Colombo Magistrate’s Court yesterday (March 14) ordered to remand three directors of Smart Win Pvt Ltd till March 17.
The directors – Manjula Weerasinghe, Sudam Chandana, and Ravindralal Sanjeewa face charges of 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 Criminal Investigation Department (CID) reported that the company solicited Rs.30,000 per Wallapatta plant from investors, promising returns of three to four times the initial investment.The CID further informed courts that investigations have revealed that this company has been operating illegally without the approval of the Central Bank of Sri Lanka.
