Remand of four private bank managers extended until September 3

21-Aug-2026

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The Colombo Chief Magistrate’s Court has ordered that four private bank managers arrested in connection with the alleged illegal transfer of approximately US$1 billion out of Sri Lanka under the guise of importing goods be further remanded until 3 September.

Investigators informed court that preliminary investigations had established that the suspects had facilitated the transfer of approximately US$1 billion overseas by submitting false information and claiming that the funds were being remitted for the importation of goods.

One of the suspects, who had served as a branch manager of a private bank, allegedly assisted in the fraudulent transfer of approximately US$5.5 million.

Investigations have further revealed that a sales promotion manager of another private bank had transferred US$647,207 overseas through 25 telegraphic transfers.

Meanwhile, an executive officer of another private bank had carried out 1,067 electronic fund transfers, facilitating the transfer of approximately US$24.6 million overseas.

Police further informed court that another executive officer who was arrested had facilitated the transfer of approximately US$32 million overseas through 943 electronic fund transfers.

Investigators said the information gathered so far indicates that the suspects, who had acted in violation of regulations and guidelines imposed by the Central Bank, may have received financial benefits for facilitating the illegal transfers.

Evidence has also emerged indicating that customs documents and other supporting documents had allegedly been fraudulently prepared to facilitate the remittances.