⚖️ 4 Bank Officials Remanded Over Alleged $ 1 Bn Import Payments Fraud

Four officials from four private commercial banks have been remanded until 20 August following arrests by the FCID in a probe involving nearly $ 1 billion illegally transferred overseas under the guise of fake imports since 2023. • Key Suspects & Alleged Involvement: • Branch Manager: Linked to transfers of ~$ 5.5 million. • Sales Promotions Manager: Facilitated 25 telegraphic transfers worth $ 647,207. • Executive Officer 1: Facilitated 1,067 transfers totalling $ 24.6 million. • Executive Officer 2: Facilitated 943 transfers amounting to ~$ 32 million. • Modus Operandi & CBSL Violations: • Used forged Customs reports and fake import documents in violation of Central Bank of Sri Lanka (CBSL) regulations. • Suspects allegedly received weekly bribes ranging from Rs. 30,000 to Rs. 100,000, with one receiving Rs. 1 million at once. • Broader Investigation Context: • Covers 89 registered companies that remitted over Rs. 190 billion overseas without actual goods entering the country. • Probe into 36 shell companies revealed Rs. 75 billion transferred via 10,151 transactions. • FCID is investigating wider money laundering links to drug trafficking, including Rs. 6 million remitted via shell accounts. Primary suspect Jiffry Mohamed remains in custody until 20 August.