Kotelawela Remanded Over Alleged Fraud At Golden Key
February 26, 2009 at 2:49 pm · Close Watch · Mobile News · Scroller · XFinancial
Lalith Kotelawela remanded over alleged fraud at Golden Key Credit Card Co & warrant issued on director Mrs C Kotelawela-Mt Lavinia Magistrate-JNW
Dr. Punarjeeva Karunayake and Tikiri Mayura bogollagama orchestrated the whole scam together. He used his mother’s name and her position at the Ceylon Insurance Company (Ceylinco) to make introductions to various foreign investors. They created Ceylon Hotel Development Group in the US and used it to trick unsophisticated investors into putting in short term funds in large existing development projects. However, since they did not have an actual interest in the projects, they had to get creative and figure a way to manipulate the system in their favor. So they figured out that if they made a bogus offer on foreign exotic development project, using Ceylinco Credintials, then they could get all of the information on the project and then take it to investors in the in the States. They used the information gained and Ceylinco’s reputation to create a company called Ceylon Hotel Development Group and used it as a front to scam people. They had architectuals drawn, financials created, and promises of riches, backed by Ceylinco bond, soon enough, people were flocking to give them money to buy shares in their phony company. They collected over $4 million USD using this one scam already. They are heartless…