Another illegal finance company defrauds Rs. 10Bn from depositors

• Complaint had been lodged in 2017 but no action taken
• A court case has been filed and it is the judiciary that has to decide how the due amounts are paid back to depositors
• Company has illegally accepted money from depositors

By Yohan Perera and Ajith Siriwardana

Iyon Lanka Financial Company Ltd, a finance company which has been operating in Pallandeniya Kurunegala District had illegally defrauded Rs.10 billion belonging to 944 depositors, State Minister Shehan Semasinghe told Parliament yesterday. 

Mr. Semasinghe who responded to an oral question raised by SJB MP J. C. Alawathuwala said the company has illegally accepted money from the depositors.  

“Police has failed to take action against the owners of the company though a complaint had been lodged in 2017. Failing to take action against this company clearly shows that the previous government had defended the owners,” the State Minister said.

“A court case has been filed and it is the judiciary that has to decide how the due amounts are paid back to depositors,” he added.

Both the State Minister and the SJB got into a heated argument with regard to the matter as the former blamed the previous regime for patronising the company owner while the latter said it is the present regime that is engaged in patronising.