Legal Action Against Nation Lanka Finance Executives for Large-Scale Fraud Promising High Interest Returns
Legal proceedings are ongoing regarding a complaint filed in the Negombo Magistrate’s Court against 10 individuals, including the Chairman and Directors of Nation Lanka Finance and Singha Capital Investments, for allegedly defrauding depositors by falsely promising high-interest returns.
The complaint states that these companies misled investors by assuring them of high-interest earnings, collecting a significant amount of money through fixed deposits. Nation Lanka Finance Chairman, Mr. Victor Rajamanar Ramanan, has been summoned by the Negombo Police for further questioning related to case number B 560/25.
It is currently revealed that Singha Capital, affiliated with Nation Lanka Finance, has defrauded a large number of depositors. The company has failed to pay interest and matured deposit funds as promised, leaving many fixed depositors without recourse.
According to a statement by Mr. Victor Rajamanar Ramanan, he is confirmed to be the principal shareholder of the company. He has also been issued a travel ban. Further investigations confirm that the funds were collected under the name of Singha Capital Investments, located at No. 546/3, Galle Road, Colombo 03. This address is also home to the Nawaloka College of Higher Studies, which operates under the vice-chairmanship of Mr. Ramanan.
It has also been revealed that Mr. Ramanan is a member of the board of directors of Nawaloka Hospital. Police investigations related to these matters are being pursued through the Negombo Magistrate’s Court.
Nation Lanka Finance is a financial institution whose deposit-taking license has been suspended by the Central Bank of Sri Lanka. Police investigations have uncovered that the company had established another institution under the name of Singha Capital Investments to collect funds from depositors.
As a result, many depositors are facing severe hardship. Some have even submitted their medical reports to the court to emphasize the seriousness of their situation.
Victor Rajamanar Ramanan is identified as a British citizen. This incident is seen as a serious threat to Sri Lanka’s entire financial system, reminiscent of the failures of institutions like ETI and Celinco. It is also noted that this institution is listed on the Colombo Stock Exchange.