Accountability for Bond scam 

The reappointment of Shani Abeysekera as Director of the Criminal Investigations Department (CID) is a moment of hope to resolve many emblematic cases, including the infamous ‘Bond Scam’. Abeysekera, a veteran Police investigator, was hounded and persecuted by the Rajapaksa regime for daring to expose and pursue criminal wrongdoing, including high-level corruption within their ranks. His return to the CID offers an opportunity to restore public trust in law enforcement—an institution that has too often been manipulated to protect the powerful and persecute the innocent.

One of the most glaring unfinished chapters in corruption is the Central Bank Bond scam, a scandal that eroded the independence of the financial sector. While much public attention has, justifiably, focused on the Rajapaksa family’s vast corruption empire, the Bond scam stands out as a betrayal committed not by populist autocrats including then prime minister Ranil Wickremesinghe elected to office in 2015 on a mandate for ‘Yahapalana’ or good governance. The scandal was a betrayal of this mandate which ensured the return of the Rajapaksas in 2019.

The facts are stark. The bond scam revolved around the manipulation of Government securities by Perpetual Treasuries, a company with close links to then Central Bank Governor Arjuna Mahendran—a close ally of then-Prime Minister Wickremesinghe. The scheme resulted in massive losses to the State and undue enrichment to a select few, raising deep questions about regulatory failure, political complicity, and criminal conduct.

Wickremesinghe himself has come under scrutiny for interfering in the investigation. According to statements made by Shani Abeysekera, Wickremesinghe once berated him—calling him a “donkey”—for refusing to let off one of his loyalists who had profited from the scam. This behaviour is more than unbecoming of a head of government; it suggests a deliberate obstruction of justice.

Meanwhile, Arjuna Mahendran, the central figure in the scam, remains a fugitive from justice, having fled to Singapore where he continues to evade extradition. Equally disturbing is the impunity enjoyed by others involved. Ravi Karunanayake, a former Finance Minister, admitted to having his luxury apartment rent paid by funds linked to Perpetual Treasuries. Yet he now sits comfortably in Parliament. Nearly a dozen other former MPs who actively tried to cover up the scam or interfere with the investigation also continue to operate in public life, unrepentant and unpunished.

The bond scam was not just a financial crime—it was an assault on the public purse, an abuse of State power, and a betrayal of democratic governance. It deepened public cynicism, widened inequality, and eroded the fragile credibility of Sri Lanka’s financial institutions. If such a crime is allowed to go unpunished, it sends a chilling message that the powerful can loot the nation with impunity while the rest suffer under mounting debt and economic hardship.

Shani Abeysekera’s reinstatement must not be symbolic. His track record of independence and integrity gives him the mandate to revive investigations into the Bond scam and pursue accountability, wherever it may lead. There can be no statute of limitations on truth or political office that is sacrosanct. The individuals involved in this emblematic case, and those who enabled or obstructed the probe, must be brought before the Courts, regardless of their status or alliances.