7 including cricket official’s wife, remanded over pyramid scam
Colombo Fort Magistrate Isuru Neththikumara yesterday (Oct. 23) ordered that 07 suspects, including the Managing Director of Global Lifestyle Lanka (Pvt) Ltd., in Kollupitiya, be remanded until Oct. 29 over their alleged involvement in a large-scale pyramid scheme.
The Magistrate noted that institutions of this nature could severely impact Sri Lanka’s economy and therefore denied bail.
The bail application filed by former Attorney General Sanjaya Rajaratnam P.C. , was rejected.
The suspects were arrested yesterday by officers of the Financial Crimes Investigation Division (FCID), led by Chief Inspector Kalum Wijesinghe.
Those remanded include :
- Managing Director of Global Lifestyle – Vilwarajan Wijeratnam
- Directors – Priyantha Premanath, Anita Shriyani Kapuwatte, Namal Bandara Kulathunga, Solamuththu Sivarajah,
- Premakeerthi Bandara, and Susantha Bandara, who were reportedly responsible for the company’s marketing operations.
Producing a progress report on the case, the CID also informed the court that a group of Malaysian nationals residing in Sri Lanka had launched Global Lifestyle Lanka (Pvt) Ltd., as a front for a pyramid scheme disguised as a network marketing venture first introduced locally in 2009.
The company had allegedly conducted illegal transactions across the island, laundered funds overseas, and purchased properties locally with the proceeds.
It was further revealed that the company had sold nearly 100 types of electronic appliances and household goods through a concept named ‘network marketing’.
PC Rajaratnam told the court that his clients were willing to compensate if they had caused any losses, and requested their release on bail.
However, Magistrate Neththikumara instructed the CID to expedite investigations and to identify affected individuals, adding that a progress report must be submitted at the next hearing.
Meanwhile, among those remanded is the wife of Sri Lanka Cricket Assistant Secretary – Chryshantha Kapuwatte.
