Over 4,000 persons who placed deposits with Piyadasa Ratnayaka alias Danduwam Mudalali are in a quandary since he had died while the case against him was still pending in Court.

Attorney-at-Law Premasiri Gunaratne, who appeared on behalf of the depositors said that since Danduwam Mudalali had died while the case against him was still pending the depositors have no legal right to his property and money, now in the custody of the Court.

Danduwam Mudalali, who was allowed bail by the Tangalle Magistrate’s Court was killed by unknown persons at Kuruwita, about three weeks ago, while he was on his way with them to Colombo in a cab. He had been arrested by the CID earlier following complaints by thousands of people that he had got them to deposit monies with him promising higher interest rates but he neither paid any interest nor the capital. The total sum of money so deposited with him amounted to millions of rupees.

Attorney-at-Law Gunaratne, addressing a press conference at South Point Villa Hotel at Kathaluwa Galle, said that he represented 4,719 depositors of Danduwam Mudalali and there were nearly Rs 500 million worth of properties that belonged to his clients that are now in the custody of the Court. Since he died not as a convict but as an accused there is no recourse in law for his clients to claim their deposits and the case now stands closed, he said.

He said that he would request the Government and other authorities concerned to amend the present law and bring in new legislation that could allow the despositors to claim the sums they deposited.

Unless these amendments are made the same thing could happen to thousands of others who were cheated into parting with millions of rupees in certain cases now pending before other Courts, Guanaratne said. Otherwise the next of kin of Danduwam Mudalali would become entitled to the property now held by Court he said.