Depositors demand money back from ‘Danduwam Mudalali’

Over 3000 people had surrounded the house of Piyadasa Ratnayake (Danduwam Mudalali) in Gurupokuna, Hungama on Friday after the Central Bank announced that he was among those operating an unregistered finance institution.
Those who surrounded his house had demanded that their deposits be returned with the promised interest. Since there had been a large crowd, Ratnayake had used loudspeakers to calm the crowd and had told them that he had assets to pay back the deposits with interest.

The Central Bank had given one month’s notice to Piyadasa Ratnayake to apply to be registered as a finance company and the necessary prerequisite was to deposit Rs. 200 million with the Central Bank.

Addressing the agitated depositors Ratnayake said he would carry forward his business activities and would not leave the country. He promised he would make his institution a legitimate finance company and had showed a document to this effect to the crowd.

He also played an audio recording asking him to come to Colombo to register his company. Once he assured that he would register his company the depositors had calmed down.

However security had been provided to Ratnayake’s house by the Hungama police following the incident.