Businessman Mohammed Infaz, who sent over 80 million dollars abroad, remanded.

Colombo Chief Magistrate Asanga S. Bodaragama ordered the remand of businessman Mohamed Musammil Mohamed Infaz, who is connected to the incident of illegally sending over 80 million US dollars abroad by claiming to import goods into the country, until the upcoming 17th.

According to investigations related to Jiffry Mohamed, the main suspect in the large-scale racket of taking 700 million dollars out of the country, this person arrested by the Financial Crimes Investigation Division has been named as the sixth suspect in the relevant case.

Government Counsel Mr. Oswald Perera, presenting facts before the court, stated that 26 out of the 89 companies belonging to the main suspect are owned by this sixth suspect. He registered these 26 companies by misusing the information of three employees working at his shop, and one of these employees was appointed as a company secretary and another as a director. Investigations have revealed that without importing any goods into the country, over 23 billion rupees were released to foreign countries through 3,198 electronic remittances via six prominent commercial banks in the country, by submitting fraudulent documents and fake invoices.

Police stated that this is a crime that subtly caused dollar reserves in state and private banks to flow abroad, and that investigations are also underway into it being money laundering of funds earned from drug trafficking, as well as a violation of the Customs Act. The first suspect is to be indicted in the High Court under the Poisons, Opium, and Dangerous Drugs Ordinance, and several other bank officials, including the bank official previously arrested, are suspected of being involved in this large-scale racket. In the context where suspects have attempted to destroy evidence, numerous pieces of evidence, including two computers, printers, phones, and invoice records, have been seized, and the Financial Crimes Division also requested the court to suspend the bank accounts of all 89 companies.

The lawyer appearing for the defense stated to the court that such transactions had to be carried out due to practical problems in the business system in Pettah and the foreign exchange control regulations. The defense lawyer said that due to the high exchange rates and bank charges provided by the official banking system, an additional cost had to be borne, and because there was no formal and easy mechanism to send money to foreign suppliers after clearing goods by paying customs duties, money had to be sent through friends and employees for a small commission.

The defense also stated that the money used for these transactions was not earned from drug trafficking or other illegal activities, and that the suspect is a father of two children and a regular businessman who uses a vehicle obtained under a leasing facility. Although it was requested that relief be granted under Section 14 of the Bail Act as the suspect is providing full cooperation for the investigations, the Magistrate, after considering the facts presented by both parties, rejected the suspect's bail application and decided to remand him until the 17th of next month.