Sri Lanka, April 2 -- Former Minister Ravi Karunanayake and seven others, who were remanded in connection with two separate cases related to the frauds that took place at the third bond auction held on March 29 and 31, 2016, were yesterday released on bail by the Colombo High Court Trial-at-Bar.

Former Finance Minister Ravi Karunanayake, Perpetual Treasuries Limited (PTL) beneficiary owner Arjun Aloysius, PTL Chief Dealer Kasun Palisena, Chairman of PTL Jeffrey Joseph Aloysius, Chitta Ranjan Hulugalle, an executive officer of the Public Debt Department of the Central Bank Sangarapillai Padumanathan and an executive officer of the Employees Provident Fund Indika Saman Kumara were released on bail.

When the first case was taken up before ...