Sri Lanka’s Criminal Investigation Department (CID) has told Parliament that an investigation into fraudulent import transactions has uncovered the illegal transfer of approximately US$715 million (around Rs. 214.7 billion) overseas through 105 companies between January 2023 and March 2026.
Senior Deputy Inspector General of Police Asanka Karawita, who heads the CID, revealed the details before the Committee on Public Finance (COPF), stating that the funds had been remitted via around 24,300 telegraphic transfers (TTs) without the corresponding import of goods into Sri Lanka.
He said the investigation, launched following complaints from Sri Lanka Customs, found that 105 companies, involving 55 individuals and 227 bank accounts, were linked to the transactions.
According to the CID, the money was transferred using forged invoices and fabricated customs documents submitted to banks. The investigation has also identified the involvement of 13 state and private banks.
Karawita told the committee that one suspect, allegedly connected to 43 companies that transferred around US$43 million overseas, has already been arrested and remanded.
The CID further revealed that investigations indicate the network was linked to an international money laundering operation involving drug traffickers based in Dubai.
He said two key suspects were brought back to Sri Lanka from Dubai with the assistance of INTERPOL and have been remanded in custody, while investigations continue.
The CID’s Financial Crimes Investigation Division and Proceeds of Crime Investigation Division are continuing investigations into the alleged money laundering network. (Newswire)
The post CID tells Parliament how $715 million was illegally transferred overseas appeared first on Newswire.