Jun 10, 2019

Sakvithi Ranasinghe released on bail

Sakvithi Ranasinghe who was imprisoned for more than nine years after being convicted of three charges including a Rs 1.6 billion fraud was released on bail today (Jun 10).

During a hearing for two cases, Sakvithi was released on a cash bail of Rs 500,000 and two surety bails of Rs 2.5 million by the Colombo High Court.

A hearing before the High Court for another case saw him being granted a cash bail of Rs 100,000 and two surety bails of Rs 2.5 million.

Chandana Weerakumara alias 'Sakvithi Ranasinghe' had been convicted of misappropriating funds worth Rs 1.62 billion of depositors at Sakvithi Housing and Construction (Pvt.) Ltd.

The institution was operating illegally between November 01, 2006 and September 31, 2008 since it had not been registered under the Central Bank.

Accordingly, the Attorney General had filed cases under three counts against Sakvithi Ranasinghe at the Colombo High Court. Charges included operating an unregistered financial company and the usage of fake credit cards.