Businessman Arrested Over US $80 Mn Illegal Transfer

COLOMBO (News 1st) - A businessman has been arrested in connection with an alleged scheme to illegally transfer US$80 million out of Sri Lanka under the guise of importing goods, in what authorities believe to be a major financial crime operation.

The suspect was taken into custody by the Police Financial Crimes Investigation Division. 

Investigators estimate that the value of the funds allegedly transferred overseas amounts to approximately Rs. 23.7 billion.

Police stated that the suspect operates as a cosmetics products trader based on Second Cross Street in Colombo.

Investigations have revealed that the 34-year-old resident of Maradana allegedly carried out the operation using 26 fraudulent companies and 54 bank accounts established under those entities.

Police further stated that the operation had been ongoing since 2023 and was uncovered following an extensive financial investigation.

The suspect is scheduled to be produced before the Colombo Chief Magistrate's Court.