Sri Lanka police arrests Entrust Securities officials over Rs4.2bn fraud
ECONOMYNEXT – Sri Lanka’s financial crimes police have arrested five persons connected to Entrust Securitas, a regulated primary dealer in government bonds, over a 4.2 billion rupees fraud, a media report said.
Sri Lanka’s Daily Mirror newspaper said Dharmapriya Bandara Dassanayake (Chairman), Chanuka Ratwatte (managing director), Romesha Dushanthi Senarath (Executive Director), Sanjeewa Dayaratne and Niloshan Romelo Mendis (Director).
The five persons were remanded by court until September 28.
Entrust Securities is now managed by state-run National Savings Bank. The firm is alleged to have mis-appropriated funds of a provident fund in state-run Ceylon Electricity Board, and several funds of the Central Bank of Sri Lanka, which is the regulator.