Four employees from private banks have been remanded in custody pending investigation into allegations that they facilitated the illegal transfer of nearly USD 1 billion out of Sri Lanka by submitting false import documentation.
A Colombo Chief Magistrate's Court has ordered the remand of four private bank employees arrested earlier this month in connection with an alleged scheme to illegally transfer approximately USD 1 billion overseas. The suspects are accused of facilitating the transactions by submitting false claims that the funds were designated for importing goods.
According to investigators from the Financial Crimes Investigation Division, the four individuals held various positions within their respective institutions and processed numerous fraudulent transfers. A branch manager is alleged to have enabled the transfer of approximately USD 5.5 million, while a sales promotions manager at another bank reportedly conducted 25 telegraphic transfers totaling USD 647,207. Two executive officers are separately accused of processing 1,067 and 943 electronic fund transfers respectively, moving USD 24.6 million and USD 32 million abroad.
Authorities indicate the suspects violated Central Bank of Sri Lanka regulations and guidelines. Police have established that customs documents and supporting records were forged to process the transactions, and evidence suggests the individuals may have received financial compensation for their involvement. Investigators have also discovered that the suspects allegedly provided training to other individuals on creating fraudulent documentation.
The four defendants have been remanded until September 3 as authorities continue their investigation into the scheme.
