Politics · Sri Lanka Bureau
Man arrested over alleged Rs 24.8bn illegal currency transfers
Sri Lankan authorities have arrested a suspect in connection with the illicit transfer of foreign currency valued at Rs 24.8 billion through six shell companies. The Financial Crimes Investigation Division apprehended the individual in Kotikawatte as part of an ongoing investigation into financial irregularities.
LSN Sri Lanka ·
The Financial Crimes Investigation Division (FCID) has arrested a suspect in the Kotikawatte area on suspicion of facilitating large-scale illegal foreign currency transfers, according to authorities. The transfers, totalling Rs 24.8 billion, are alleged to have been channelled through six shell companies established to obscure the movement of funds.
Investigators determined that the suspect played a key role in orchestrating the scheme, which allegedly exploited shell company structures to circumvent financial regulations and oversight mechanisms. The case marks the latest in a series of investigations into suspicious cross-border financial movements detected by the FCID.
The suspect is expected to face charges related to money laundering and financial crime violations. Authorities have indicated that the investigation remains ongoing, with additional individuals potentially being identified as the probe deepens. The case underscores growing concerns over the use of shell companies in facilitating illegal financial transactions within the region.