The Colombo High Court yesterday ordered to release four former Directors of Swarnamahal Jeweller’s from the case filed against them for allegedly unauthorised acceptance of deposits while running Swarnamahal Jewellers as a financial institute without obtaining a valid licence.
The order was delivered by Colombo High Court Judge Manjula Thilakaratne.
Former directors of Swarnamahal Jewellers Jeewaka Edirisinghe, Anjali Edirisinghe, Asanka Edirisinghe and Nalaka Edirisinghe were released from the case by the Colombo High Court.
The Attorney General had filed indictment in the Colombo High Court under six counts against five accused including Swarnamahal Jeweler’s pvt ltd and its four Directors for allegedly accepting deposits from the public without obtaining a valid finance licence from the Central Bank during the period of September 1, 2008 to December 31, 2012.
Previously, on the directions of Attorney General Dappula de Livera, Criminal Investigations Department (CID) was arrested four Directors of Edirisinghe Trust Investments (ETI) Finance on charges of Criminal Misappropriation, cheating, money laundering and other offences at ETI Finance and Swarnamahal Jewellers.
According to the final report of Presidential Commission Of Inquiry, there was evidence that the directors of ETI Finance had used the deposits in undisclosed accounts for personal gain and had persuaded the public to accept deposits, indicating that the ETI Finance was a well-run financial institution at a time of severe liquidity crisis.
Evidence before the Commission has revealed that the ETI Finance Company had illegally obtained Rs.6.480 billion in deposits by maintaining undisclosed accounts with the Central Bank of Sri Lanka (CBSL) and that Swarnamahal Jewellers had illegally obtained Rs.7.2 billion in deposits from the public without being registered with the CBSL and without a valid license.
Accordingly, the Attorney General had decided to file indictments in the High Court against Jeewaka Hemal Edirisinghe, Anjali Deepa Edirisinghe, Nalaka Primalal Edirisinghe and Asanka Srimal Edirisinghe, who served as directors of ETI Finance and Swarnamahal Jewellers as they had committed a criminal offense.
On January 5 in 2021, the Attorney General was directed Inspector General of Police (IGP) to conduct Criminal Investigations against Directors of Edirisinghe Trust Investments (ETI) Finance and Swarnamahal Jewellers with regard to unauthorised acceptance of deposits of around Rs.13.7 billion, misappropriation and money laundering. The Attorney General also directed to the CID to arrest them in this regard.
Accordingly, Jeewaka Edirisinghe, Anjalee Edirisinghe and Asanka Edirisinghe were arrested on the same day by the CID and Nalaka Edirisinghe had surrendered to the CID on January 6, 2021. Following the arrest, they were produced before the Fort Magistrate’s Court on January 6, 2021 and they were released on two sureties of Rs.1 million each.
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