"700 million scam: Finance Ministry and Central Bank must answer depositors"

(October 01, Colombo, Sri Lanka Guardian) UNP Gen. Secretary , and M.P.,Tissa Attanayake speaking to the media yesterday (30Sep) ,blamed the Finance Ministry and the Central Bank for the Sakviti Ranasinghe ‘s colossal Rs. 700 million fraud . Following the COPE report which exposed massive Govt. frauds and corruption, the Central Bank Governor was warned to probe all illegal Finance companies.

The Governor who was summoned to Parliament undertook to ensure against financial frauds being perpetrated on the Public, Attanayake asserted. Despite it, in the case of Sakvithi scam , the Central Bank which got wind of the Sakvithi ‘s illegal Finance Co. fraudulent activities several months before it came to a head , did nothing even after starting investigations against him two months ago, he regretted. If the Central bank has taken timely action, the poor depositors’ money could have been saved, he added.

He asked why the Central Bank which has a special division for investigating operations of illegal Finance companies took no action against Sakvithi Ranasinghe , the owner of the Finance Company , and wait for so long until he had completed his 700 million fraud and make good his escape? He showed a photograph of Sakvithi with the President , Minister Lokuge and other top notch Govt. politicians published in the newspapers , and said , it can be guessed how he was able to escape even after the Central Bank instituted investigations ? Where did the Central Bank report on the investigation go ? he asked.

The Finance Ministry and the Central bank were fully aware of the risks incurred by Depositors after the Pramuka Bank collapse and the Pyramid scam due to Central Bank negligence. The Central Bank gave a solemn assurance after these episodes that it will not allow similar incidents to occur . Yet, it allowed a biggest scam cheating the public to be successfully operated , he lamented.

If the Finance Ministry and the Central Bank had been more alert , 700 million of public money would not have gone down the drain , he exclaimed.

May be Sakvithi promised high interest to lure Depositors because he associated with people in high places who had higher interest in his transactions who could protect him, he concluded. - Sri Lanka Guardian