Two people, including the son of the Elcardo owner, remanded for defrauding billions in tax money.

Colombo Additional Magistrate Oshadhi Migara Maharachchi ordered the remand of two individuals, including the son of the owner of Elcardo, a well-known gate company, who were accused of defrauding billions of rupees in tax money when importing luxury motor vehicles and raw materials for the construction sector into the country, until the 5th of next month. The suspects were thus remanded after officials of the Sri Lanka Customs Department reported the facts to the court.

Customs officials stated in court that a lengthy investigation is underway regarding the defrauding of tax money owed to the government by submitting undervalued invoices. It has been revealed that the government has lost a tax amount of Rs. 4,145,581.00 by falsely declaring a lower value for a Mercedes-Benz type motor vehicle. Furthermore, during the examination of the company's documents, information has also been revealed regarding the import of goods under an invoice of USD 49,815.75, the issuance of letters of credit for USD 19,926.30, and the import of goods worth USD 29,889.45.

Customs officials also requested the court to prohibit three directors of the Elcardo company involved in the incident from traveling abroad. Furthermore, as several other suspects connected to the incident are yet to be arrested, customs officials strongly opposed granting bail to the suspects, pointing out that there is a risk of evidence being destroyed if bail is granted.

President's Counsel Nalinda Indratissa, appearing for the suspects, pointed out to the court that the investigating officers had not submitted a proper evidence summary report. He also stated that according to Section 127A of the Customs Ordinance, the magistrate has the full power to decide whether or not to further remand the suspects, and it is not mandatory as per the investigators. After considering the arguments of both parties, the magistrate ordered the suspects to be remanded until the 5th of next month and to report the progress of the investigations on that day.