in

Mahela Falls Prey to Ponzi Scheme?

The fall of Golden Key in December last year has apparently hit people from all walks of life including sportsman.

Golden Key headed by Deshamanya Dr. Lalith Kotelawala and Lady Dr. Sicille Kotelawala ran a Ponzi Scheme which offered investors 30%-32% interest on their investments.

Lanka-e-News recently published a piece which highlighted some of the big name investors who had fallen prey to this scam.

Similar to the high profile Hollywood elite who fell prey to Bernie Madoff’s fifty billion dollar Ponzi Scheme, two of our nations cricketers too had placed their faith in the Kotalawala’s reputation.

In a piece titled Swindler’s list the folks of Lanka-e-News lists Roshan Mahanama and Mahela Jayawardene as investors.

And in what seems like a double blow Sri Lanka’s Cricket Captain and national hero Mahela Jayawardene, injured in Lahore last week, has invested Rs. 10 million. The same Jayawardene who was smart enough to quit the captaincy before the thugs in the selection committee dumped him, was not smart enough to know that even Kotelawala cannot pay such exuberant interest and make a profit.

Former cricketing legend Roshan Mahanama was no better. He had invested Rs. 11 million of his hard earned money. Unlike Nawaloka Mudalali both cricketers are known to be gentlemen of the highest calibre and honest to a fault.

I do have some sympathy for the investors. They lost their income, in some cases their life savings. I however question their judgment and their common sense.

When regulated financial institutions like a Bank would offer 6% the most – Flashing red lights and sirens should go off when someone offers an insane 30% return on your investment.

Leave a Comment