4 bank managers arrested for illegally transferring a billion dollars

The Additional Magistrate of Colombo has ordered the remand of four managers from four leading private banks on the island, who were arrested in connection with the illegal transfer and transportation of a massive sum of nearly one billion US dollars to foreign countries, until August 20. This order was issued after the four suspect bank officials, arrested by the Financial Crimes Investigation Division of the Criminal Investigation Department, were produced before the Colombo Additional Magistrate's Court this afternoon (17).

According to the court reporter, when the suspects were produced before the court, the court extensively considered the submissions and the progress of the investigation presented by the Financial Crimes Investigation Division of the Criminal Investigation Department. After studying all the presented facts, and taking into account the serious nature of this financial racket, the Magistrate decided to remand the suspects until August 20.

The unique aspect of this arrest is that the Financial Crimes Investigation Division of the Criminal Investigation Department managed to arrest all four managers within the premises of the main private banking institutions where they are employed. The Sri Lanka Police has specifically highlighted this as the first instance where a group of bank officials were arrested within the bank premises where they perform their duties.

This large-scale organized racket of illegally transferring approximately one billion US dollars abroad has been orchestrated by a main organizer. Investigations have revealed that this racketeer regularly provided weekly payments to the bank managers to successfully maintain the operation and obtain the necessary illegal support.

Preliminary investigations conducted by the Financial Crimes Investigation Division of the Criminal Investigation Department have revealed that the main racketeer regularly paid these bank managers weekly sums ranging from thirty thousand rupees to one hundred thousand rupees. These officials have been accused of supporting the illegal dollar racket by receiving such financial benefits.

The Financial Crimes Investigation Division of the Criminal Investigation Department is further extensively conducting future investigations related to this incident of illegally exporting foreign exchange from the country.