The Financial Crimes Investigation Division (FCID) of Sri Lanka Police says it has launched an extensive investigation into 17 more companies suspected of illegally transferring US dollars overseas under the guise of importing goods.
The FCID said it believes that all 17 companies are operated by one or two individuals.
The investigation follows a complaint lodged by Sri Lanka Customs with the FCID alleging that several companies had been transferring funds overseas, under the pretext of importing goods from foreign countries.
Based on information uncovered during the investigation, two individuals who were operating 72 companies involved in similar illegal activities were arrested and remanded.
Against this backdrop, the FCID said a broad investigation is now underway into 17 more companies suspected of engaging in similar activities.
The FCID said the companies are believed to have been operated by one or two individuals.
Authorities further stated that the relevant individuals are currently being identified, and steps will be taken to arrest them.
Investigations have revealed that the 17 companies currently under investigation, together with the 72 companies against which legal action has already been taken, transferred a total of Rs. 190 billion in US dollars overseas between January 1, 2023, and September 30, 2025.
Of this amount, Rs. 130 billion was transferred by the 72 companies against which legal action has already been taken.
The companies had used six private and state-owned banks located in Colombo to transfer the funds overseas.
Investigators said a notable aspect of the case was that the suspects who have been arrested and remanded had transferred money to several countries identified as “Red Flag” or high-risk countries for money laundering.
These countries include Brazil, Panama, Mauritius and Madagascar, officials said.
Investigators said these countries have been identified as high-risk jurisdictions in relation to money laundering.
They further stated that no goods had been imported into Sri Lanka from those countries following these transactions.
Accordingly, the FCID suspects that most of these funds were earned through unlawful means.
Meanwhile, investigations conducted by the Police Financial Crimes Investigation Division have revealed that the number of individuals transferring money overseas through the Telegraphic Transfer (TT) system has decreased by around 90% as a result of the ongoing investigations.
