ETI Directors arrested, given bail

Thursday, 7 January 2021 01:08 - - {{hitsCtrl.values.hits}}

Four Directors of Edirisinghe Trust Investments (ETI) and Swarnamahal Jewellers Ltd. were granted bail yesterday after being produced before the Fort Magistrates Court on the advice of the Attorney General’s Department, Police Spokesman DIG Ajith Rohana said.

According to the Police, the Criminal Investigation Division (CID) arrested three suspects following a directive by the Attorney General (AG) and the Special Commission appointed to investigate misappropriation of funds at ETI and Swarnamahal Jewellers.

“One suspect was absconding. However, he surrendered to the CID on Wednesday morning. That suspect is Nalaka Edirisinghe. The CID has arrested all four suspects. They will be charged under the provisions of the Finance and Business Act No.42 of 2011. They will also be charged with misappropriation, criminal breach of trust and with cheating of the penal code,” DIG Rohana said.

Investigations by the CID have revealed that Rs. 7.2 billion of deposits made at Swarnamahal Jewellers and Rs. 6.48 billion deposited at ETI had been misappropriated by the four suspects, DIG Rohana said. Further investigations are being conducted by the CID, he added.