Four bank managers and a businessman arrested in connection with an alleged foreign exchange scam involving the transfer of around USD 1 billion without the import of goods have been further remanded until September 3 by the Colombo Magistrate’s Court.
The suspects were arrested by the Police Financial Crimes Investigation Division (FCID) as part of an investigation into a money changer based in Colombo Fort who allegedly transferred the funds overseas without corresponding goods being imported into Sri Lanka.
Police had earlier said the four bank managers were arrested at their respective banks. Investigators allege that the main suspect had made weekly payments to bank officials in return for facilitating the transactions, with payments ranging from Rs. 30,000 to Rs. 100,000. One of the officials had allegedly received around Rs. 1 million on a separate occasion.
The investigation has been described as the first case in which bank managers have been arrested in Sri Lanka over an alleged foreign exchange-related offence of this nature.
Earlier investigations have also focused on alleged fraudulent transactions involving hundreds of bank accounts across several banks, through which foreign currency was reportedly transferred overseas without corresponding imports.
The FCID is continuing investigations into the alleged transactions and the involvement of banking officials and other suspects. (Newswire)
