Former Chairman of Securities and Exchange Commission Nalaka Godahewa and two others were released on bail today by Colombo High Court judge Padmini N. Ranawaka.

They were in remand custody over alleged financial fraud at the SEC.

All three were released on a cash bail of Rs. 500,000 and two sureties of Rs. 5 million each. 

On December 4 2015, 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 December 7 2015 after he had arrived at the SEC to give a statement. 

They were alleged in a fraudulent transaction of Rs 5 million. The money was to be paid to the 'Tharunyata Hetak' organization, byt has been remitted to a company named Ceylon Premium Sports. It was alleged that the money in question was transferred as payment for some American artists.