A 25-year-old man has been arrested in Sri Lanka over allegations that US$25 million (about Rs. 7.5 billion) was transferred to overseas accounts without any goods being imported into the country.
The Financial Crimes Investigation Division (FCID) arrested the suspect, a resident of Wellampitiya, as part of an investigation into the movement of funds through commercial banks using Telegraphic Transfers (TT).
Investigators allege that six companies in Sri Lanka were used to make the transfers, with transactions presented as payments to foreign companies for the import of goods.
However, authorities say their investigations found that no goods linked to the payments had been imported.
The transfers are alleged to have taken place between January 2024 and July 2025.
The investigation is continuing. (Newswire)
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