Risky Returns

Aug 06, 2010 (LBO) – Police have arrested a Sri Lankan businessman who had disappeared after duping thousands of people into depositing money with his firm by promising high returns, an official said. Sakvithi Ranasinghe was arrested by police on Friday morning and is now being detained at the suburban Mirihana police station, police spokesman P Jayakody told our sister news website Vimasuma.com.

Ranasinghe was arrested on a tip-off provided by a civil defence committee, a neighbourhood security outfit.

Ranasinghe vanished in September 2008 when he was sought by police in connection with complaints he had defrauded depositors.

He was initially believed to have fled abroad but is now thought to have remained in the island in disguise, police said.

Ranasinghe had posed as a popular English tutor and also ran investment firms which lured depositors by promising high returns.

At that time, thousands of distraught depositors had flocked to the Mirihana police station, where Ranasinghe is now detained, to lodge complaints against him.