Sakvithi Ranasinghe and spouse enter guilty plea in Rs. 164 m fraud case

Sakvithi Ranasinghe 

• Promises to return deposited funds to rightful customers through  structured instalment plan

By T. Farook Thajudeen

Ill-famed Sakvithi Housing and Construction Ltd., owner Abaya Ranasinghe Mudiyanselage Ananda Weer-akumara, commonly known as Sakvithi Ranasinghe, and his wife, Kumari Anuradhi, yesterday entered a guilty plea before the Colombo High Court after being charged with financial misappropriation amounting to over Rs. 164 million. 

During the trial, it was disclosed that the finance company operated by the accused couple lacked proper authorisation to accept cash deposits.

Yesterday’s court proceedings began with Jayantha Weerasinghe PC, representing the accused, pleading guilty to the charges before the Colombo High Court. Additionally, Weerasinghe committed to returning the deposited funds to the rightful depositors through a structured instalment plan.

After careful consideration of the defence’s arguments, High Court Judge Adithiya Patabandhi issued an order for the accused to deposit Rs. 5 million per month with the High Court, completing the repayment in 20 instalments to the depositors. The judge also informed the accused that a decision regarding suspended sentences will be made once the payments have been finalised.

The duo made a payment of Rs. 5 million in court, marking the first instalment of their repayment plan. As per the court’s order, they have been directed to submit the second instalment on August 24. Consequently, the case has been adjourned until that date, allowing for further proceedings.

The couple stands accused of defrauding Rs. 164,185, 000 deposited in their company, Sakvithi Housing and Construction Ltd which operated in Nugegoda from January 2006 to September 2008.