Rienzie Mahesh Kumara Edwards and his wife, Punya Priyanji Menike Edwards, two suspects in an international money laundering case, were remanded this week by Colombo Chief Magistrate Lanka Jayaratne. The couple are accused of transferring foreign currency to Sri Lanka in a suspicious manner and illegally buying land belonging to a private hospital in Colombo [...]

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Edwards empire: Multimillionaire couple remanded on huge money laundering charges

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In January this year, the Edwards’ immovable assets were frozen by order of the Financial Crimes Investigation Unit (FCIU) of the Criminal Investigation Department (CID). This prevented them from making financial gain from their properties, which include a large number of houses and hotels. Their most well-known purchase is the land belonging to Asiri Central Hospital at 37, Horton Place, Colombo 7. It was bought for Rs 2.7bn.

Mr. Edwards, a self-styled Sri Lankan investment banker and property owner, was taken to magistrate’s court by the Financial Crimes Investigation Division (FCID)–the forerunner to the FCIU–in 2015 for allegedly smuggling in more than US$ 40mn.

In 2017, they were also indicted by the US Attorney’s Office along with five others for allegedly defrauding victims of more than US$ 50 million.

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The indictment alleges that an unspecified percentage of this money was sent to bank accounts in Sri Lanka.

A domestic inquiry was started on a complaint filed with FCID regarding the Asiri Central Hospital property which was bought by Mr. Edwards. Bank documents related to the purchase were examined to determine how the transaction took place.

Mr Edwards received various sums amounting to millions of dollars from abroad. An examination of the accounts (including those belonging to an intermediary) revealed millions of dollars or billions of rupees in inward remittances from names such as Chang Yau Hung Alexander, Golding Associates, Big Shoe World LLC, John De Here, Jerry M Bond, Yingjun Liang, Ng Chi Man, John Dudley Hare, Mong Wing Nin, Decagon Company Ltd, Ho Mei Mehi Trindy, C T Andy, Irani Mozaad and Carbogen Mining.

Foreign funds thus received amounted to US$ 55,084,865.50 and GBP 255,101.22. That is more than Rs 7.24bn. Of this, more than Rs 5.82bn was used to buy property.

Mr and Mrs Edwards–and, at times, Punya’s sister Jayakody Arachchilage Deepika Hasanji–were found to be directors of multiple companies. The majority of them are registered to 57/2B, Railway Avenue, Nugegoda.

They include Edwards Plantation Management (Pvt) Ltd (formed in 2007), Greenfield Consultancy Services Pvt Lwtd (2012), and The Mansion Kandy (Pvt) Ltd (2012). In Punya Edwards’s name, purchases were made of four properties in Colombo 7, one in Kandy, three in Harispattuwa, three in Trincomalee, three in Galle, one in Anuradhapura and three in Nuwara Eliya.

Other companies are Asha Mansion (Pvt) Ltd (2016), High Rise Property Management (Pvt) Ltd (2015), Tradition Lanka (Pvt) Ltd (2014), Colombo Property Development (Pvt) Ltd (2015), Bond Street Management Services (Pvt) Ltd (2016), Tramwel Consultancy Services (Pvt) Ltd (2016), Edwards Estates Plantation (Pvt) Ltd (2007), Edwards Investment (Pvt) Ltd (2008).

Independent investigations by the Sunday Times show that the trio were also directors of companies registered abroad either singly or doubly. They include AAA Project Finance Solutions Pte Ltd (Singapore); AAA Turnkey Solutions, LLC (USA); Al Jazeera Al Hamra (Singapore); Fashion Platform Ltd (UK); GPH Equity Pte Ltd (Singapore); Green Asia Renewables Ltd (Dubai); Innovative Global Finance (Pvt) Ltd (Hong Kong); PGM Gems and Minerals (Dubai); Saving Traditions, Ltd (UK); Sirius San-Xing Financial Services (China); Steeplechase Middle East Fze (Dubai); and Supreme Global Holdings Ltd (Dubai).

It is also known that Mr. Edwards used multiple banks in many jurisdictions such as Barbados, the Netherlands, Britain, New York and Dubai.

The couple are remanded till July 7.

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