21 companies identified for illegally smuggling dollars out of the country

Information has been revealed that 21 leading companies in this country are involved in a large-scale racket of sending American dollars to foreign countries under the guise of importing goods, violating the Customs Ordinance. Colombo Chief Magistrate Asanga S.

When the case was called before Mr. Bodaragama, the Criminal Investigation Department stated that 6 companies have already been identified in connection with this irregularity, and further investigations are underway regarding the remaining entities.

The prosecution revealed to the court that over 700 million US dollars, valued at over 190 billion Sri Lankan rupees, has been illegally sent abroad in this manner. During the examination of accounts of 36 companies by the Financial Crimes Division, it was confirmed that money had been sent abroad in this manner on 10,156 occasions, but it was also stated that there were no customs records to prove that goods were imported into the country for these transactions. Additionally, investigations are underway to determine whether a racket of depriving the government of due taxes by declaring undervalued imported goods has occurred.

The suspect named Jeffrey Mohamed, who posed as a director of an institution called "A.Y. Investment" operating in the Fort area of Colombo, has acted as the main facilitator of this racket. At the time of the suspect's arrest, a stock of dollar notes worth millions of rupees found in his possession, a luxury motor vehicle valued at over 200 million rupees purchased with illegal money, and a stock of gold have also been taken into police custody. A special operation has been launched to arrest several large-scale businessmen who sent dollars abroad through this suspect.

President's Counsel M.A. Suwair and Attorney Asanka Perera, appearing for the suspect, stated that since goods had been imported properly, the suspect should be released on suitable bail. However, considering the suspect's non-cooperation with investigations, the possibility of him concealing evidence, and the likelihood of him evading court, the Magistrate rejected the bail application and ordered the suspect to be remanded until the upcoming 6th.