Business · Sri Lanka Bureau
Police investigate 17 firms in illegal overseas remittance scheme
Sri Lanka's Financial Crimes Investigation Division has opened a probe into 17 companies suspected of channeling money illegally out of the country by falsely claiming to import goods. Authorities say most firms are controlled by just one or two individuals.
LSN Sri Lanka ·
The Sri Lanka Police Financial Crimes Investigation Division has launched a comprehensive investigation into 17 companies allegedly engaged in unlawful overseas money transfers disguised as legitimate import transactions.
Investigators have determined that the majority of the companies under scrutiny are operated by a small number of individuals, with each person controlling one or two entities. This operational structure is typical of organized financial crime schemes that attempt to evade regulatory oversight.
Police say suspects have been identified in connection with the illegal remittance network. Authorities are currently preparing arrest warrants and taking steps to apprehend those involved in the alleged scheme.
The investigation represents part of broader efforts by law enforcement to clamp down on illegal foreign exchange transfers that deprive the country of vital foreign currency reserves. Such schemes undermine Sri Lanka's efforts to stabilize its external accounts during a period of economic strain.