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Court-banned property sold for Rs. 340 Mn; Businessman arrested

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An 85-year-old businessman from Bambalapitiya, was arrested by the Criminal Investigation Department (CID) for allegedly selling a property that had been banned by the Colombo High Court, concealing the court order, for Rs. 340 million.

The arrest was carried out by the Commercial Crimes Investigation Unit 3 of the CID, following a complaint lodged regarding the sale. Investigators allege that the businessman knowingly sold the restricted property to another businessman, committing fraud in the process.

The suspect is scheduled to be produced before the Fort Magistrate’s Court today.

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