Investigators told court that major businesses may be linked to foreign-currency transfers made for imports that allegedly never reached Sri Lanka.
The Criminal Investigation Department has informed the Colombo Chief Magistrate’s Court that it is examining the possible involvement of 21 leading companies in an alleged large-scale foreign-currency transfer scheme.
The investigation concerns funds sent abroad under advance-payment arrangements for imports that allegedly did not arrive in Sri Lanka. The wider parliamentary inquiry has placed the value of suspected outward remittances at approximately US$715 million between 2023 and 2026.
Investigators will need to compare bank transfers, invoices, Customs declarations, shipping records and company ownership information before determining whether individual transactions involved fraud, false documentation or legitimate commercial disputes.
The reference to 21 companies does not establish that each committed an offence. Businesses and individuals remain entitled to due process, and their names should not be published without a clear official basis and an opportunity to respond.
The case exposes weaknesses in data sharing among banks, Customs, the Central Bank and the Registrar of Companies. Risk-based automated checks could flag large payments where corresponding import records remain absent beyond permitted periods.
Authorities should publish the legal provisions invoked, the amount traced or recovered and the safeguards introduced to prevent future abuse without creating unnecessary delays for legitimate importers.
