Arrest made in Rs. 190 b illicit remittance case

Friday, 26 June 2026 05:15 - - {{hitsCtrl.values.hits}}

A suspect accused of orchestrating an alleged scheme to illegally transfer nearly Rs. 190 billion out of Sri Lanka under the guise of importing goods has been arrested and later remanded until 9 July by the Colombo Chief Magistrate’s Court.

Colombo Chief Magistrate Asanga S. Bodaragama issued the order after the suspect, Jeffrey Mohamed, was produced before Court following his arrest by the Financial Crimes Investigation Division (FCID) and detention for questioning.

Presenting facts before Court, Senior State Counsel Oswald Perera alleged that the suspect had fraudulently transferred nearly Rs. 190 billion overseas by claiming to import goods from foreign countries.

The prosecution said the funds were remitted in US dollars through telegraphic transfers (TT) via a Colombo Fort-based company, A.Y. Investment. Investigators alleged that the suspect had opened multiple bank accounts in his own name and under the company’s name at several banks to facilitate the transactions.

The Court was further informed that investigators had identified at least 36 additional companies allegedly involved in similar financial dealings.

According to the prosecution, although substantial sums had been remitted overseas on the pretext of imports, no corresponding goods had been brought into the country. Investigators are also probing the source of the funds and the purpose of the overseas transfers.

Senior State Counsel Perera further alleged that funds linked to drug traffickers had been deposited into bank accounts operated by the suspect, adding that the investigation had uncovered suspected large-scale money laundering involving funds whose origins could not be legally verified.

The prosecution sought the suspect’s continued remand pending further investigations.

Counsel for the suspect applied for bail, but the Chief Magistrate rejected the application and ordered that the suspect be remanded until 9 July.