Golden Key scam:

Police uncover more deals

Jayampathy JAYASINGHE

The Golden Key Credit Card Company scam is now being investigated by a special police team to determine how a colossal sum of money amounting to Rs. 5,904 million have been siphoned off to float 62 sub companies during the past few years. Several of these companies have become defunct over the years and a few are functioning, Police sources told the Sunday Observer.

According to police the Credit Card company had set up these companies locally as well as in Singapore and in Australia. Following the setting up of these companies several luxury vehicles have been purchased for the use of officials from funds allocated from the parent company.

Investigations have shown that around Rs 170 million have been spent to purchase vehicles and a further sum of Rs 150 million has been used to set up a computer network at the Golden Key Credit company.

But vital records pertaining to investments made in 62 sub-companies have disappeared and the police have launched an investigation into the register disappearance.

The modus operandi of the Company to lure potential investors was by offering them with high interest for their investments by employing agents.

Meanwhile police said the warrant for the arrest of Ms. Sicille Kotelawala has been forwarded to the Singapore police.

Extradition process involves Court proceedings irrespective whether we have a extradition treaty with a foreign country or not, he said.

Meanwhile Chairman of the Ceylinco Consolidated, Lalith Kotelawala was further remanded till April 8 in connection with the misappropriation of Rs 26 billion from The Golden Key Credit Company.

The Court also issued summons on 31 directors of companies affiliated to the Golden Key Credit Card company to be present in Court on the next date.

Deputy Solicitor General Sarath Jayamanna informed court on the last occasion that Kotelawala had not made a statement to the CID officers on three occasions when they called over at the Colombo National Hospital.

Around 600 depositors of the Golden Credit Co. had earlier lodged a complaint with the CID that they are unable to withdraw deposits due to the fraud.