Two Directors of pyramid scheme company granted bail

Two directors of Smart Win Pvt Ltd, who were remanded in connection with operating an illegal pyramid financial scheme under the guise of a Wallapatta cultivation project, were released on bail yesterday. 

Colombo Chief Magistrate Thanuja Lakmali granted them bail on three sureties of Rs. 5 million each. 

However, the first suspect, Manjula Weerasinghe, was further remanded by the Chief Magistrate. 

The CID informed court that this suspect will be produced before the Sri Lanka Computer Emergency Readiness Team (CERT) tomorrow as part of the ongoing investigations. 

Earlier, the CID revealed in court that Smart Win Pvt Ltd had been allegedly operating a pyramid scheme, promising investors triple or quadruple returns in exchange for an initial deposit of Rs. 30,000 per Wallapatta plant.

The CID further informed court that the total amount defrauded through this scheme exceeds Rs. 2 billion.

Investigations also confirmed that the company was operating without legal approval from the Central Bank of Sri Lanka, engaging in unauthorized financial activities and violating anti-money laundering laws.