Former Securities and Exchange Commission Chairman Nalaka Godahewa and two other individuals were remanded until December 14 by Colombo Fort Magistrate Priyantha Liyanage over allegations of financial fraud at the SEC.

They were produced before the courts by the FCID.

On December 4, Police arrested former Deputy Director General of the SEC Dhammika Manjira Perera, and another individual named Ronny Ibrahim, over an alleged financial irregularity which had occurred in 2013. Former SEC Chairman Godahewa was arrested this morning after he had arrived at the SEC to give a statement.

It is alleged that the money in question was transferred to an account of a company named Ceylon Premium Sport as payment for some American artists.

The lawyers representing Godahewa and others said that the money was paid to Tharunyata Hetak organization for organizing a series of awareness seminars about the SEC for youth around the country.