CID reports findings to court on fraudulent land sale in Kollupitiya

The Criminal Investigation Department (CID) has reported to court that nearly Rs 195 million had been defrauded during the purchase of a plot of land in Kollupitiya for a group of shareholders of a UK-based company.

The CID’s Commercial Crime Division had been investigating the complaint relating to the purchase of 219.5 perches of land on Galle Road, Kollupitiya in 2004. Ten shareholders of a UK-based company, Access Direct UK Ltd had invested 1.3 million sterling pounds to purchase the land through a whollyowned registered subsidiary company in Sri Lanka, Access Direct Colombo Ltd. This land had then been sold in July, 2010.

The complainant, Navaratnam Paramakumaran, a UK citizen, had complained to the CID that one of the shareholders, Kathirvelpillai Satkunam, also a UK citizen and who acted as the primary point of contact for the disinvestment of this land, had cheated the rest of the shareholders.

The CID’s investigation uncovered that the land was actually sold for Rs 790 million. It has established that only Rs 595,507,721 of the money received from the sale of the land for Rs 790,308,000 was given to Access Direct UK Ltd. The remaining Rs 194,800,279 has been obtained fraudulently, and the amount has been misused in a criminal breach of trust, the CID told court.

In November 2022, a travel ban was placed on primary suspect Kathirvelpillai Satkunam. When Mr Satkunam tried to re-enter Sri Lanka on February 27 this year he was arrested by the officers of the Katunayake Unit of the CID and produced before the Fort Magistrate’s Court on February 28 after recording a statement.

The CID requested the Magistrate to remand the suspect for further investigations until March 14. However, he was granted bail on condition of two sureties of Rs 5 million each.

The court also temporarily lifted the travel ban imposed on the suspect until the next court date on May 17. The investigation continues.

Ajith Pathirana PC, along with J L B M Karunananda and R A Himasha Fernando appeared for the suspect.

The aggrieved party was represented by Nalinda Indatissa PC and Dinesh Dodamgoda.