Disgraced Tutor Sakvithi Ranasinghe and Wife Plead Guilty to Financial Fraud Charges
English language tutor Sakvithi Ranasinghe and his wife, who were accused of operating an unauthorized financial institution and misusing deposits worth over Rs. 164 million obtained from the public, have pleaded guilty to the financial fraud charges. The couple appeared before Colombo High Court Judge Aditya Patabendi, where the revised charge sheet submitted by the Attorney General was read out.
Accordingly, Ranasinghe and his wife pleaded guilty to the revised fraud charges brought against them. As part of their agreement, they will repay the sum of Rs. 164,185,000, which they swindled from depositors, in 20 monthly instalments of Rs. 5 million each. The defense attorneys informed the high court judge that the first instalment would be settled immediately.
The financial fraud case revolves around Sakvithi Ranasinghe’s illegal financial company, S.R. Property Sharing Investment (Pvt) Ltd, which unlawfully acquired millions of rupees from unsuspecting depositors between January 01, 2006, and September 03, 2008. Ranasinghe, who began as an English language tutor, later ventured into the financial sector, luring depositors with higher interest rates.
His other company, Sakvithi Constructions, was allegedly involved in real estate transactions using forged deeds. The scam came to light when numerous complaints were filed with the Central Bank of Sri Lanka, leading to Ranasinghe’s escape to Chennai, India. He was subsequently arrested by the Mirihana Police upon his return to Sri Lanka in August 2010.
In 2022, the Colombo High Court sentenced Sakvithi Ranasinghe to a 22-year rigorous imprisonment, suspended for five years, after he pleaded guilty to 11 charges. Additionally, he was fined Rs. 25,000 for each charge. Ranasinghe’s wife, who admitted guilt to one of the charges, received a two-year prison sentence, suspended for five years, and was fined Rs. 25,000.
The guilty pleas mark a significant step in the resolution of the high-profile financial fraud case, bringing some measure of justice to the victims of the scam perpetrated by Sakvithi Ranasinghe and his wife.