Sakvithi Ranasinghe received a 22-year prison term with a five-year suspension for operating an illegal finance company without the Central Bank of Sri Lanka’s consent.
Judge Amal Ranarajah of the Colombo High Court handed down the decision after Sakvithi Ranasinghe pleaded guilty to 11 counts of obtaining millions of rupees from numerous people by operating an illegal finance company while making promises of a higher return on their investments.
Ranasinghe was also fined Rs. 25,000 for each of the 11 counts, and if he doesn’t pay the fine, each count will be added to his prison sentence for an additional six months.
His wife received a 2-year prison term with a 5-year suspension after entering a guilty plea to aiding and abetting.
Additionally, the Colombo High Court fined her Rs. 25,000.
On Thursday, the Ranasinghe family was given permission by the Colombo High Court judge to pay their fines (14).