Chanuka Ratwatte and four other board members of Entrust Securities were ordered to be further remanded till October 21 by the Colombo Fort Magistrate.
They are charged under the Public Property Act and Prevention of Money Laundering Act, for allegedly committing a financial fraud amounting to Rs. 4.2 billion which belonged to at least 350 investors who invested their monies at Entrust. According to reports, the money that has been swindled by Ratwatte and the others include the pension fund of the state owned Ceylon Electricity Board and several other state institutions.
Along with Ratwatte, the four others currently in remand are Isira Dharmapriya Bandara Dasanayake, Rumesha Dushyanthi Seneviratne, Sanjeewa Dayaratne and Niroshan Mendis.
Ratwatte, who was the Group Managing Director of Entrust Securities PLC, is the son of the one-time powerful Anuruddha Ratwatte, who was deputy defence minister during Chandrika Bandaranaike Kumaratunga’s term as President.
In January, the Colombo Magistrate Court impounded the passport of Chanuka Ratwatte, as well as five other directors and the general manager of Entrust Securities due to the investigation over the financial fraud.