By Roy Denish
The long-running controversy surrounding Colombo Fort’s unfinished Krrish development has returned to the spotlight after former Krrish Group Executive Director Janaki Siriwardena was arrested over an alleged Rs. 70 million bribe involving Parliamentarian Namal Rajapaksa.
Standing tall amid the bustling financial district of Colombo Fort, the concrete skeleton of the Transworks Square project remains a towering monument to unfulfilled promises, political patronage, and allegations of massive financial corruption.
Once touted as a sprawling USD 600 million luxury mega-development, the aborted Krrish Square project has resurfaced in the headlines, once again placing Janaki Siriwardhana at the centre of controversy.
Following her recent arrest by the Commission to Investigate Allegations of Bribery or Corruption over an alleged multi-million-rupee bribery scandal involving former parliamentarian Namal Rajapaksa, the saga has renewed scrutiny of the intersection between corporate executives, high-society figures, and political elites.
Initiated in 2012 during the administration of former President Mahinda Rajapaksa, the Krrish project was granted prime real estate comprising approximately 4.3 acres of historically valuable land belonging to the Urban Development Authority at Transworks Square.
The vision promised a massive four-tower complex featuring 85-storey luxury residential apartments, elite hotels, and a commercial shopping hub intended to position Colombo as a financial epicentre.
However, plagued by legal hurdles, payment defaults, and allegations of fraud, construction eventually ground to a halt. Today, the unfinished development remains a prominent feature in Colombo’s commercial heart and a reminder of a project that failed to fulfil its original ambitions.
The process of bringing the India-based Krrish Group to Sri Lanka involved land leases, state concessions, and extensive dealings with political and administrative authorities, with Siriwardhana allegedly playing an important intermediary role.
Investigations have alleged that Rs. 70 million was transferred in three instalments to then-MP Namal Rajapaksa in connection with the Transworks Square project. The funds were reportedly presented as corporate sponsorships for rugby development through the Carlton Sports Club and related tournaments.
Anti-corruption investigators have since examined the movement of these funds through banking channels and the circumstances surrounding the transactions, including allegations that the payments constituted illegal inducements. These allegations remain subject to judicial proceedings and the findings of the relevant authorities.
Siriwardhana also developed connections within prominent political, business, and cultural circles. Through her marriage to musician Jananath Warakagoda, she moved within influential social networks while reportedly acting as a coordinator for Indian investors involved in the Krrish project.
Following the change of government in 2015 under the Yahapalanaya administration, investigations into the project intensified. Siriwardhana was subsequently reported to have provided investigators with documents and information relating to financial transactions connected to the development.
Despite changing political circumstances, she remained active within influential business networks. Reports have also linked her to meetings involving Indian billionaire Mukesh Ambani and then-Prime Minister Ranil Wickremesinghe.
Her name later surfaced in connection with the Thilini Priyamali financial fraud investigation, in which business activities were allegedly conducted from offices within the partially completed Krrish building. The extent of Siriwardhana’s involvement, if any, must be assessed on the basis of evidence presented before the relevant courts and investigative authorities.
Years of investigations and judicial proceedings culminated recently in Siriwardhana’s arrest by the Bribery Commission in connection with the alleged Rs. 70 million payment.
She was subsequently produced before the Colombo Chief Magistrate’s Court, where her defence counsel sought bail and reportedly raised humanitarian considerations relating to her family and upcoming examinations.
The defence maintained that the money constituted legitimate sports sponsorship rather than a bribe. Counsel also questioned the Bribery Commission’s classification of the payment, noting that the Attorney General had previously pursued allegations relating to the same funds under a separate criminal breach of trust case.
The Chief Magistrate rejected the bail application and ordered Siriwardhana to be remanded. Investigators have also sought statements from Namal Rajapaksa in relation to the latest bribery investigation.
The unfinished concrete structure of Krrish Square continues to dominate part of Colombo Fort’s skyline, serving as a visible reminder of the unresolved controversies surrounding one of Sri Lanka’s most ambitious property developments and the continuing investigations into the political and financial dealings associated with it.
