FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» NATIONS TRUST BANK PLC (NTB.N0000)
by ColomboCSE Yesterday at 10:52 pm

» DIPD/HAYC/HAYL
by SUSPENS Yesterday at 9:55 pm

» Sri Lanka's Debt Dynamics
by sanjeewa88 Yesterday at 7:50 pm

» TRUE VALUE OF LANKA ALUMINUM INDUSTRY (LALU)
by Wolf86 Yesterday at 7:32 pm

» Value first and BUY second !
by EquityChamp Yesterday at 7:26 pm

» Amana Takaful ATL & ATLL
by apphunter Yesterday at 6:09 pm

» Blossom March
by vijay singh Yesterday at 5:16 pm

» SANASA DEVELOPMENT BANK PLC (SDB.N0000)
by Jana Yesterday at 5:09 pm

» TILE / LWL / RCL
by subash81 Yesterday at 4:56 pm

» RICH or TKYO
by subash81 Yesterday at 4:56 pm

» LALU.N0000
by Jana Yesterday at 4:48 pm

» LANKA ALUMINIUM INDUSTRIES PLC (LALU.N0000)
by Jana Yesterday at 4:45 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by stockchaser Yesterday at 4:33 pm

» UNHCR Fear is over 21 countries speak for us only 15 against
by Equityinvestor Yesterday at 4:06 pm

» CSE Crossings for the week
by Pradeep90 Yesterday at 12:16 pm

» SEMB SEMB
by stockchaser Yesterday at 12:09 am

» Leading brokers causing market downturn
by dhanushkacse Sat Feb 27, 2021 10:18 pm

» පෙබරවාරි මාසේ කොළඹ කොටස් වලට මොකක්ද වුනේ - බැසුවාද ? බැස්සාද ?
by Nishan Cooray Sat Feb 27, 2021 9:42 pm

» Daily Foreign Transactions
by Mithooshan Sat Feb 27, 2021 7:31 am

» SOFTLOGIC HOLDINGS PLC (SHL.N0000)
by suku502 Sat Feb 27, 2021 12:58 am

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Loan sharks on Kelani ‘Palama’

Loan sharks on Kelani ‘Palama’

Go down  Message [Page 1 of 1]

1Loan sharks on Kelani ‘Palama’ Empty Loan sharks on Kelani ‘Palama’ Sun Sep 02, 2012 2:29 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
An unlicensed money lending syndicate, believed to be with powerful political backing, is now operating in Colombo and suburban areas using unconventional methods to lure borrowers who are in urgent need of cash. These loan sharks spread their message of money lending for business and personal requirements without collateral through their agents deployed near traffic signals and bridges especially at the Peliyagoda bridge, several commuters told the SundayTimes

These ‘agents’ distribute leaflets containing two mobile phone numbers of a purported manager enabling clients to get more details, they revealed. The numbers are – 0712417604 or 0750351616 Posters on the offer appeared in other parts of Colombo too.

Drivers, vehicle owners and passengers of vehicles, (just as vehicles come to a halt over bridges entering and leaving the city of Colombo, especially near traffic signals) have been approached by these agents promoting and offering short term lending for business and personal needs without collateral, they said.“Loan sharks are those who operate businesses and lend money to people without a licence,” a Central Bank (CB) official said, adding that “we are yet to receive complaints about this ‘new’ scheme”.

When contacted, the Peliyagoda Police said they have not received any complaint on the illicit money lending operation and noted that they would watch out for these loan sharks. The CB official said such loan sharks are liable to a fine of upto Rs 100,000 and a jail term of upto six months, or both.

A Sunday Times (ST) journalist posing off as a businessman called the number on the leaflet to ascertain details of the illegal money lending operation. During initial calls, the journalist was asked to call again after 9 pm. Here are excerpts of the telephone conversation:

ST: “Hello, mata me telephone number eka hambuna, hadissiyata nayak gannai katha karane (I got this phone number and I am calling you to get a loan as I am in a hurry)”.

Loan shark (LS) (In a deep voice resembling a well-known politician): “Ha bohoma hondai, bohoma hondai. Api lasthi onewelavake uduau karranna. Monvada thama karana business (O’ very good, very good we are ever ready to help people like you. What is your business?)”.

ST: “Mage printing press ekak thiyanawa .. eka tikak divunu karagandai salli tikak onay (I have a printing press, I need some money to improve it to some extent)”.

LS: “Ok hari hari hari, api ready cash denava rupiyal laksha panaha wenakam gedaratama genath denawa eka davasen. Apa karayo nehe, keeyakda onay? Onay ganak thamata dennam (Ok ok we give ready cash up to Rs. 5 million and we bring money to your doorstep within a day no surety. How much do you want)”.

ST: “Mata laksha vissak vithra gaththoth aath, mama kohomada gevanna one (I need a sum of Rs. 2 million. How can I repay it?)”.
LS: Apoy simple. Apita varaika valin gevvana onay, poliya bankuwalath adui. Karranna thiyanne ape kattiya gederata salli genath dunnama. Varika pahakata hari hayakata hari dahayakata hari dina dapu chek denaeka vithrai (It is very simple.. what you have to do is to hand over five, six or 10 post-dated cheques as repayment installments to our people when they visit your house with the money requested by you)”.

ST: “Bohoma isthuthi oyage office eka koheda thiyenne hadissiyakata kohomada hambavenne. Thava podi prashnayak thiyenawa barivelawath kavuruhari salli nogeva hetiyoth mokada wenne (Thank you very much by the way where is your office. Another small question, what will happen if someone defaults)”.

LS (in a rough voice): “Eva apith ekka hariyanne ne. Api dannawa salli ganna heti. Apita office ekak nehe. Apita badu thiyenawa. Api thamage gederata avilla thamai okkoma ganudenu karranne (No one can do such things to us. We know how to handle those matters. We have no office. All transactions will be done at your house)”.

ST: Mama thava tika davasakin katha karanam bohoma isthuthi (Thank you very much I will call you in a couple of days)”.
On further inquiry, the respondent over the phone said they have neither a registered place of business nor a registered business name and all transactions are completed at the residence of the borrower with full anonymity and without any declarations to tax or other governmental agencies.

The ST’s investigations found that the offer of loans had a limit of up to Rs. 5 million, and were available for business purposes (excluding agriculture and poultry business) by merely handing over five or six equal installment postdated cheques computed at the rate of Rs. 22,000 per cheque for every Rs. 100,000 worth of funds released, based on the assessed project viability and customer standing.
http://www.sundaytimes.lk/120902/business-times/loan-sharks-on-kelani-palama-10291.html

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum