May 08, Colombo: A Sri Lankan court today hands over a 102 year suspended jail term and imposed a fine of Rs. 11.98 billion to a former Deputy Commissioner of the Inland Revenue Department over a VAT fraud.
The Colombo High Court today sentenced the former Deputy Commissioner of the Inland Revenue Department Gunasiri de Soyza Jayatillake to a 102 year suspended jail term to be served for three years court after he was found guilty in the case.
The multi-billion rupee Value Added Tax (VAT) fraud has taken place in the country from November 2002 to April 2004.
During the period, the suspect was involved in a fraud where the VAT branch of the Inland Revenue Department has allegedly made unlawful refunds to non-existent companies and defrauding funds amounted to Rs. 3.99 billion. He had pleaded guilty to the charges against him.