Gold racket blocking foreign exchange inflow through migrant workers
August 24, 2021 05:57 pm
Details of a deceitful operation preventing migrant workers from bringing in foreign exchange to Sri Lanka through banks have been uncovered recently.
Reportedly, the racket is carried out using Sri Lankans employed in the Middle East.
Allegedly, the smugglers provide the migrant workers with gold biscuits worth more than the money the workers own and buy the gold off their hands once they are in Sri Lanka.
As per airport sources, gold biscuits were found in the possession of workers arriving in the country from abroad every day for the past month.
During the last week alone, the airport customs officers had seized six 100 gram gold biscuits, three 50 gram gold biscuits, and forty 30 gram gold biscuits.
In addition, it has been reported that these smugglers are also in the process of making gold jewelry of great value and getting migrant workers to wear them when returning to Sri Lanka.
As a result of this racket, the inflow of foreign exchange to the local banks has been limited. Further, there is also a risk that the foreign reserves in the country will decrease in turn.
