The police investigating a massive financial fraud committed by a person who called himself Deshamanya Sakvithi Ranasinghe Sir are in a dilemma over the action to be taken against Edwin Ariyadasa, a prominent media personality who had functioned as the joint director of S. R. Property Sharing Investment (Private) Limited, set up by the suspected conman.

There has been no final computation yet on the total extent of desposits taken by the company although over 4,000 depositors had put their money into the venture and complaints continue to flow.

Police have arrested several persons, including a retired army officer employed by the suspect who is not in the country. The statement of Ariyadasa, who had been the highest paid employee at the unauthorized company, has been recorded.

The Sunday Island learns that many persons who had lodged complaints with Mirihana Police regarding their losses had claimed that they received assurances from Ariyadasa with regard to stability of the operation in which he participated.

Police said that although the suspect was known as Sakvithi Ranasinghe, the company had been registered by a person identified as Abaya Ranasinghe Mudiyanselage Chandana Weerakumara and Jamburuthugoda Gamage Kumari Anuradhini of 175/4, Madiwela Road, Embuldeniya, Nugegoda.

With the help of Ariyadasa, one of Sakvithi’s employees had visited `Temple Trees’ where he had the opportunity being photographed with the President, the sources said.

Responding to our queries, the sources said that Sakvithi had taken advantage of this meeting, the sources said, emphasizing that a visit to `Temple Trees’ wouldn’t have been a reality without Ariyadasa’s help.

Ariyadasa has received a monthly payment of Rs. 100,000 for promoting the business interests of the suspect. The sources said that under an agreement the suspect had with Rupavahini, he conducted English classes on the national channel (Sunday afternoon at 3.30 p.m.). The agreement with Rupavahini followed his agreement with TNL to air English classes, the sources said

Responding to our queries, the sources said that the day before a large group of people surrounded Ranasinghe’s office in the Mirihana police area last Monday (22), he had advertised his business. According to an advertisement, with photographs of the suspect and Ariyadasa who was identified as the project director, depositors were offered a monthly interest of Rs. 4,000 to Rs. 6,000 for each Rs. 100,000 deposited with him.

He also offered a monthly interest of Rs. 6,000 for deposits of Rs. 200,000 or more. The advertisement published by Sakvithi House Constructions (Pvt) Limited gave mobile telephone numbers of four of Sakvithi’s employees responsible for bringing in new deposits. Among them was the employee who had visited Temple Trees with Ariyadasa.

The sources pointed out that the advertisement referred to the programme conducted by Sakvithi on Rupavahini Sunday afternoon. It was evidence that this particular programme too, had been used to entice more investors, the sources said. Ariyadasa also appeared on this programme along with Sakvithi.

Police said that over 4,000 people had been deceived by the racketeer. Some of them, in their statements to Mirihana Police, had said that they felt comfortable with Ariyadasa’s guarantee.

The sources said that the suspect had given two luxury cars to two young girls employed at his office. They played a critical role in deceiving the victims, the sources said, adding that some of the employees may have taken money secretly despite the majority of them being the recipients of handsome commissions for bringing in fresh investments.

Ariyadasa told The Sunday Island that he too was deceived by Sakvithi Sir. Responding to our queries, he said that he received a monthly payment of Rs. 100,000 inclusive of a range of allowances.

"But I was never part his financial dealings," he said, acknowledging that his name had been exploited to entice depositors.

Ariyadasa had joined Sakvithi in April last year on the invitation of Lanka Jayawardene who had been with the Agriculture Department for a long period. "We met on April 18, 2007," Ariyadasa said, adding that he had received appointment as the Programme Director of IT Management Solution which was primarily responsible for promoting Sakvithi’s English training package.

"Believe me, I am not thief," the respected media personality said when The Sunday Island asked him whether he was fully aware of the exploitation of his name to dupe thousands of people.

According to him, Sakvithi through his contacts in the Army and the Health Ministry had the opportunity to market his English training course at training facilities for nurses and army bases at Weli Oya, Maduru Oya, Galkulama, Galkiriyagama, Nelunkulama, Minneriya and Polonnaruwa and many other areas.

"Both officers and men brought course material priced at Rs. 3,000," Ariyadasa said, adding that Sakvithi had at least 100 employees based at his head office. "It was a big operation and people I am sure were tempted by unprecedented interests offered," he said.

Asked about his visit to Temple Trees with K. B. Kesara, an executive with Sakvithi’s group, Ariyadasa said that the President had invited him on December 3 last year to felicitate him on his birthday.

"Kesara offered to take me to Temple Trees and he accompanied me to the meeting with the President." Ariyadasa failed to explain how the Sakvithi executive who offered to drop him at Temple Trees had managed to gain entry without being invited.

Ariyadasa said that Sakvithi was a monster who deceived him and destroyed his image.

Police headquarters yesterday said that over 800 complaints had been received by Saturday. Police said they weren’t in a position to estimate the total amount of money collected by the fraudster as complaints were being received even now.