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Man arrested for demanding sexual bribes from young women

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A man who conducted interviews via internet under the guise of operating a company that recruits flight attendants was arrested for attempting to solicit sexual bribes from young women.

The suspect, who is a meter reader of the National Water Supply and Drainage Board and a resident of Hanguranketha, was arrested by the Criminal Investigation Department (CID).

The suspect was arrested during an investigation launched based on complaints received from two young women living in Matale and Kandy to Senior Superintendent of Police Lucky Randeniya, Director of the CID Computer Crime Investigation Division.

A team including Police Inspector Chathuri Dissanayake, Chief Inspector of the Computer Crime Investigation Division in Kandy, had seized four mobile phones, 13 SIM cards and a computer used by the suspect.

Nude photos of more than 20 young women were found on the computer.

The suspect has been operating a Facebook account for two years under the name ‘Ruwaththiyange Getalu’, pretending to be a woman, and connecting groups that provide advice on maintaining beauty, job opportunities and acting opportunities to young women.

Meanwhile, he had posted a Facebook post on recruiting flight attendants on the account using the name and number of a young woman.

Applications have been called from women through text messages and another number had been sent saying it was of the head of the institution.

Accordingly, the suspect had impersonated himself as the head of the institution.

The suspect has sent SMS to the applicants saying they have met the basic qualifications and then had asked them to send separate photographs of fingers, nails, legs, hair and face.

He has finally informed the applicants to send nude photos to his female officer to see if there are any scars on their body.

Accordingly, a large number of young women have sent nude photos to this number hoping to become flight attendants.

The suspect had then threatned the young women demaning sexual bribes.

He has been deceiving young women through this Facebook account for about two years.

Source: Aruna

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HNB finance depositors in jeopardy due to ‘PrimeMax’ 0.5% scheme

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A controversial real estate financing model, ‘PrimeMax’, introduced by Prime Lands for apartment buyers, is allegedly putting both buyers and HNB Finance depositors at significant financial risk.

This is because Prime Lands, which holds a 38% stake in HNB Finance, is leveraging its shareholder power to aggressively direct public funds into high-risk, speculative real estate loans.

Experts warn that this move not only violates CBSL’s risk diversification regulations but also exposes HNB Finance to significant liquidity risks.

Traditionally, HNB Finance operates in the microfinance sector, which relies on fast cash flow and frequent repayments.

However, this real estate loan model contradicts the principles of microfinance by front-loading funds into high-value condominium projects and locking capital into long-term, high-value loans with slow repayment cycles. This shift undermines the company’s liquidity, putting both the financial stability of HNB Finance and the security of its depositors’ funds at significant risk.

How the ‘PrimeMax’ 0.5% payment scheme works:

  • 10% Down Payment: Buyers pay only 10% of the total property value upfront.
  • 47.5% Bank Loan: HNB Finance funds nearly half of the property value through a loan.
  • Interest-Only Payments for 3 Years: Buyers pay just 0.5% per month, primarily covering interest with minimal reduction in the principal.
  • Additional 15% Paid as Interest: Over the 3-year period, buyers will have paid an additional 15% of the sale value as interest.
  • Outstanding Balance After 3 Years: After the 3-year period, approximately 75% of the total property value remains unpaid. This balance consists of the remaining loan amount owed to HNB Finance, along with the outstanding balance owed to Prime Lands.

Financial trap for apartment buyers

Prime Lands markets this scheme as a flexible investment opportunity, but economic experts say it is actually a debt trap that locks buyers into long-term loans.

Crippling debt even after 3 years : With more than 75% of the property price left unpaid, buyers will be burdened with a massive financial liability. This overwhelming debt will make it nearly impossible to secure refinancing or sell the property at a reasonable price.Even after 03 years, buyers will still owe roughly 75% of the property’s price, which makes refinancing or reselling at fair value very difficult.

The buyback & resale scam : Meanwhile, the promised opportunity to resell at a higher value is highly speculative and unreliable.  Project delays, unfavorable market conditions, and low demand can make reselling impossible, leaving buyers stuck in a property they can’t sell.

With these limited options, they may be forced into the buyback scheme-often at a price far below market value, resulting in significant financial losses rather than the anticipated profits.

Threats to HNB finance depositors

This flawed financing structure does not only impact buyers – it directly threatens the financial stability of HNB Finance customers and depositors:

  • Liquidity Challenges: With loan repayments delayed, HNB Finance may struggle to maintain its financial commitments, putting depositors’ funds at risk.
  • Risk of Defaults: If apartment buyers default due to high outstanding balances, HNB Finance could face serious financial losses, ultimately jeopardizing its depositors’ security.
  • Regulatory Violations: The Central Bank of Sri Lanka enforces strict lending policies for finance companies. This scheme raises concerns about compliance, as it prioritizes aggressive sales over responsible lending practices.The shift from microfinance to large-scale property lending could also push HNB Finance beyond regulatory limits for exposure to a single sector.

CBSL must intervene to protect public funds and depositors

The Central Bank of Sri Lanka (CBSL) enforces strict Risk Diversification Regulations for licensed finance companies to prevent excessive exposure to any single sector, ensuring depositor safety and financial stability.

However, HNB Finance PLC is dangerously violating this principle by diverting a significant portion of its funds into speculative real estate loans under the Prime Lands 0.5% scheme.

Unlike commercial banks, finance companies rely heavily on public deposits, making it crucial for them to maintain liquidity and prudent lending practices.

By over-lending to real estate, HNB Finance not only concentrates risk in a volatile sector but also compromises depositor funds, increasing the chances of liquidity shortfalls and defaults.

If this reckless lending continues, HNB Finance risks breaching CBSL’s sectoral exposure limits, leading to severe financial instability.

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HNB finance depositors in jeopardy due to ‘PrimeMax’ 0.5% scheme

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A controversial real estate financing model, ‘PrimeMax’, introduced by Prime Lands for apartment buyers, is allegedly putting both buyers and HNB Finance depositors at significant financial risk.

This is because Prime Lands, which holds a 38% stake in HNB Finance, is leveraging its shareholder power to aggressively direct public funds into high-risk, speculative real estate loans.

Experts warn that this move not only violates CBSL’s risk diversification regulations but also exposes HNB Finance to significant liquidity risks.

Traditionally, HNB Finance operates in the microfinance sector, which relies on fast cash flow and frequent repayments.

However, this real estate loan model contradicts the principles of microfinance by front-loading funds into high-value condominium projects and locking capital into long-term, high-value loans with slow repayment cycles. This shift undermines the company’s liquidity, putting both the financial stability of HNB Finance and the security of its depositors’ funds at significant risk.

  • 10% Down Payment: Buyers pay only 10% of the total property value upfront.
  • 47.5% Bank Loan: HNB Finance funds nearly half of the property value through a loan.
  • Interest-Only Payments for 3 Years: Buyers pay just 0.5% per month, primarily covering interest with minimal reduction in the principal.
  • Additional 15% Paid as Interest: Over the 3-year period, buyers will have paid an additional 15% of the sale value as interest.
  • Outstanding Balance After 3 Years: After the 3-year period, approximately 75% of the total property value remains unpaid. This balance consists of the remaining loan amount owed to HNB Finance, along with the outstanding balance owed to Prime Lands.

Prime Lands markets this scheme as a flexible investment opportunity, but economic experts say it is actually a debt trap that locks buyers into long-term loans.

Crippling debt even after 3 years : With more than 75% of the property price left unpaid, buyers will be burdened with a massive financial liability. This overwhelming debt will make it nearly impossible to secure refinancing or sell the property at a reasonable price.Even after 03 years, buyers will still owe roughly 75% of the property’s price, which makes refinancing or reselling at fair value very difficult.

The buyback & resale scam : Meanwhile, the promised opportunity to resell at a higher value is highly speculative and unreliable.  Project delays, unfavorable market conditions, and low demand can make reselling impossible, leaving buyers stuck in a property they can’t sell.

With these limited options, they may be forced into the buyback scheme-often at a price far below market value, resulting in significant financial losses rather than the anticipated profits.

This flawed financing structure does not only impact buyers – it directly threatens the financial stability of HNB Finance customers and depositors:

  • Liquidity Challenges: With loan repayments delayed, HNB Finance may struggle to maintain its financial commitments, putting depositors’ funds at risk.
  • Risk of Defaults: If apartment buyers default due to high outstanding balances, HNB Finance could face serious financial losses, ultimately jeopardizing its depositors’ security.
  • Regulatory Violations: The Central Bank of Sri Lanka enforces strict lending policies for finance companies. This scheme raises concerns about compliance, as it prioritizes aggressive sales over responsible lending practices.The shift from microfinance to large-scale property lending could also push HNB Finance beyond regulatory limits for exposure to a single sector.

The Central Bank of Sri Lanka (CBSL) enforces strict Risk Diversification Regulations for licensed finance companies to prevent excessive exposure to any single sector, ensuring depositor safety and financial stability.

However, HNB Finance PLC is dangerously violating this principle by diverting a significant portion of its funds into speculative real estate loans under the Prime Lands 0.5% scheme.

Unlike commercial banks, finance companies rely heavily on public deposits, making it crucial for them to maintain liquidity and prudent lending practices.

By over-lending to real estate, HNB Finance not only concentrates risk in a volatile sector but also compromises depositor funds, increasing the chances of liquidity shortfalls and defaults.

If this reckless lending continues, HNB Finance risks breaching CBSL’s sectoral exposure limits, leading to severe financial instability.

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High Posts committee approves appointments of 4 ministry secretaries

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The Committee on High Posts, which met recently in the Parliament under the patronage of the Prime Minister – Dr. Harini Amarasuriya, has given its approval for the appointment of 04 secretaries for ministries.

Accordingly, the following appointments have been approved :

Prof. K. T. M. Udayanga Hemapala – Secretary to the Ministry of Energy 
K.M.G.S.N. Kaluwewa – Secretary to the Ministry of Education, Higher Education, and Vocational Education
S.M. Piyatissa – Secretary to the Ministry of Labor
K.D.R. Olga – Secretary to the Ministry of Women and Child Affairs

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