Media reports claim that Sri Lankan-born Galleon hedge fund founder Raj Rajaratnam the mastermind of the largest hedge-fund insider-trading rings in US history is presently in Sri Lanka.

Rajaratnam was found guilty in the US on 14 counts of “insider trading,” only to be sentenced to 11 years in prison. He served 7 ½ before being released early this year.

Rajaratnam had also been accused of giving more than US$3.5 million to the Tamil Rehabilitation Organization (TRO) whose assets were frozen by the US Treasury Department in Nov. 2007 because of its alleged ties to the Tiger terrorists.

Rajaratnam was also linked to the controversial US$ three million which was deposited at the Standard Charted Bank Branch in Kirillopane without the authority of the Central Bank in 2006.

Media reports claim Rajaratnam is expected to meet several leading politicians during his visit to the country.