COLOMBO; Four private bank employees arrested in connection with the alleged illegal transfer of nearly USD 1 billion out of Sri Lanka under the guise of importing goods have been remanded until September 3 by order of the Colombo Chief Magistrate’s Court.
The suspects, who were arrested earlier this month, had already been held in remand custody pending further investigations.
According to investigators, the suspects are alleged to have facilitated the transfer of close to USD 1 billion overseas by submitting false information claiming that the funds were intended for the importation of goods.
One of the suspects, a branch manager of a private bank, is alleged to have facilitated the fraudulent transfer of approximately USD 5.5 million.
Investigations have also revealed that a sales promotions manager attached to another private bank had allegedly carried out 25 telegraphic transfers, resulting in the transfer of USD 647,207 overseas.
Meanwhile, an executive officer attached to another private bank is alleged to have processed 1,067 electronic fund transfers, through which approximately USD 24.6 million was remitted abroad.
Police further stated that another executive officer arrested in connection with the case allegedly carried out 943 electronic transfers, facilitating the movement of approximately USD 32 million overseas.
Investigators say the suspects had acted in violation of regulations and guidelines issued by the Central Bank of Sri Lanka and that information uncovered so far indicates they may have received financial benefits in return for facilitating the transactions.
Police also revealed that evidence suggests customs-related documents and other supporting records had been forged in order to process the transactions.
The Financial Crimes Investigation Division, which is leading the inquiry, has further uncovered information indicating that the suspects had allegedly provided training to other individuals on the preparation of fraudulent documents used in the scheme.news first
