The investigation into an alleged foreign exchange scam involving the transfer of around USD 1 billion overseas without corresponding imports began after police discovered a large sum of cash in a three-wheeler in Peliyagoda, a senior police officer said.
Western Province Senior Deputy Inspector General of Police Sajeeva Medawatta said the discovery during a routine police inspection led investigators to uncover a wider operation in which large sums of money were allegedly transferred overseas through banks without the required imports being made.
Speaking on the Ada Derana “Big Focus” programme, Medawatta said officers became suspicious after finding several hundred thousand rupees in the three-wheeler and determining that the circumstances surrounding the money warranted further investigation.
The investigation subsequently revealed that substantial amounts of money were allegedly being transferred from Sri Lanka to overseas accounts through banking channels without goods being imported in return, he said.
Medawatta said legitimate foreign currency transfers linked to imports and exports are subject to established procedures, including those involving the Central Bank of Sri Lanka. However, investigators found that large sums had allegedly been transferred without corresponding goods being brought into the country.
The investigation was initially conducted by the Western Province Crime Division before being taken over by the Central Crime Investigation Division (CCIB) and subsequently the Criminal Investigation Department (CID), he said.
Four bank managers and a businessman arrested in connection with the case were further remanded until Sept. 3 by the Colombo Magistrate’s Court on Aug. 20. (Newswire)
