Massive Financial Fraud Exposed: Illegal Outflow of Over $715 Million Uncovered
Sri Lankan investigative teams have uncovered extensive details regarding an organized financial racket that illegally siphoned foreign exchange out of the country under the guise of importing goods.
Investigations revealed that the group operated through 105 registered companies, illegally transferring over $715 million out of Sri Lanka between January 1, 2023, and March 2026.
Following revelations made at the Parliamentary Committee on Public Finance (COPF), further investigations led to the arrest of one key suspect, identified as Jeffry Mohamed.
Key findings of the investigation include:
227 Bank Accounts: The criminal network operated through 227 accounts across 13 recognized commercial banks in the country.
55 Individuals Involved: At least 55 individuals acted as company directors and secretaries to facilitate the scheme.
The Financial Crimes Investigation Division (FCID) has identified several other suspects and is currently gathering strong evidence to execute further arrests step by step. Investigations into the matter are ongoing.
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