25 May, 2022


Probe Against Perpetual Treasuries: Police On Snooze Mode

The Police appear to be on snooze mode despite a formal complaint seeking an investigation into Central Bank’s Primary Dealer Perpetual Treasuries for its alleged involvement in the Treasury Bond scam, committed during the tenure of ex-Governor Arjuna Mahendran, a close associate of Prime Minister Ranil Wickremesinghe.

IGP Pujith

Highly placed sources claimed that a formal complaint was lodged by incumbent Governor of Central Bank Dr. Indrajit Coomaraswamy, who in a written complaint to Inspector General of Police (IGP) Pujith Jayasundara requested for an investigation against the primary dealer, with strong links to Arjun Aloysius, the son-in-law of Mahendran.

“But no serious steps have been taken to commence a police investigations against Perpetual Treasuries,” a source pointed out. In February Coomaraswamy instructed the IGP to carry out an investigation against the primary dealer, after the Monetary Board decided to curtail operations of the company which recorded a profit of Rs. 5.1 billion for the year ending March 2016, which was a 430 percent increase in profits in comparison to the company’s previous year’s performance. The bond scam was allegedly committed in 2015 and 2016.

But, the sources also pointed out that during the recent months officer of the Criminal Investigations Department (CID) have been disgruntled due to various political meddling from the higher ups on certain high profile cases.

In September last year the Colombo Telegraph reported that the CID had decided to question former First Lady Shiranthi Rajapaksa over the murder of ruggerite Wasim Thajudeen on grounds that a defender jeep used in the killing of the ruggerite had belonged to her charity group, Siriliya Saviya Foundation. However, it was subsequently reported that Wickremesinghe had intervened and ordered the CID not to question her. In November, President Maithripala Sirisena in an interview with the Sunday Times said that the Thajudeen case which is being investigated by the CID was suppressed. Two sons of former President Mahinda Rajapaksa have been accused of having a hand in the murder of the ruggerite.

Following the decision by the Monetary Board last month against Perpetual Treasuries, the company filed a write application at the Court of Appeal seeking an interim order restraining the Central Bank from taking action following the Board’s directive.

Meanwhile, the Special Presidential Commission appointed by Sirisena to probe the treasury bond scam is currently carrying out inquiries and Mahendran has been before the commission for four days to give statements on the scam, which resulted in the country losing Rs. 1.6 billion. However despite the inquiry by the three member high level committee comprising of Supreme Court Judges Kankani Tantri Chitrasiri, Prasanna Sujeewa Jayawardena and retired deputy Auditor General Velupillai Kandasamy, the commission has only been tasked to ‘inquire’ into the bond scam, and does not possess the powers to take action against the culprits. (By Munza Mushtaq)

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Latest comments

  • 7

    Police is right. How can they take any action when there are other investigations superior to them has not yet been completed?

  • 5

    Nice picture. IGP is expecting a call from RW/Sirisena to tell him what to do next.

  • 3

    All glories while in power. The moment after leaving office, you will feel the heat. Cool it down now itself, if you are intelligent.

  • 0

    how come rablue’s pet police can take actions against another rablues pet boys.

  • 2

    If this was done in Singapore, Mahendran , Arjuna and all will be jailed and the keys thrown. So what is happening here is a joke. Rajaratnam was jailed in the US. So the delay, indecision, coverup or whatever clearly means that the others are waiting for shares or more. Maybe FBI, Interpol can help resolve.

  • 3

    They all get to these positions claiming that they will not bend down to political pressure but they do without hesitation or shame to protect their jobs. The IGP is shamefully a disappointment in this regard.

  • 1

    I don’t think the police is capable of handling this case. It seems that this is turning out to be the perfect scam. The erroneous Gazette notices, transfer of HoDs that they don’t know what’s going on etc. I bet anything that Perpetual family will get away with this perfectly.

  • 0

    One lady in the Department of Public Debt of the Central Bank has reported that Arjuna Mahendran had telephoned her before the auction took place and instructed her to accept bid(s) for Rs.Ten Billion, and that she had to obey.
    The police should record this statement, and statements from all other CB officers who conducted the auction on that day.

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