Sri Lanka Police’s Monetary Crimes Investigation Division has launched an investigation into 17 extra firms suspected of illegally transferring cash abroad below the guise of importing items.
Investigators suspect that a lot of the firms are operated by one or two people. The suspects have reportedly been recognized, and steps are being taken to arrest them.
Investigations have revealed that the 17 firms, along with 72 firms already dealing with authorized motion, transferred round Rs. 190 billion abroad between January 1, 2023 and September 30, 2025.
Of this quantity, round Rs. 130 billion is believed to have been transferred by the 72 firms already topic to authorized proceedings.
Investigators stated the suspects used six personal and state-owned banks in Colombo to hold out the transactions.
Three suspects already arrested and remanded in reference to the investigation are additionally alleged to have transferred funds to a number of nations recognized as high-risk for cash laundering, together with Brazil, Panama, Mauritius and Madagascar. Investigators stated no items have been imported into Sri Lanka from these nations.
The Customs Division has reportedly imposed fines totalling almost Rs. 10 billion on a number of outstanding businesspeople accused of evading taxes by transferring funds abroad by way of the arrested suspects.
Two house owners of main textile companies have reportedly been fined Rs. 4.5 billion and Rs. 3 billion respectively, whereas a serious engineering and manufacturing group has been fined Rs. 1.8 billion. The fines are reportedly equal to 3 instances the quantity of taxes allegedly evaded.
The Monetary Crimes Investigation Division stated the variety of folks transferring cash by way of the TT system has declined by round 90% as a result of ongoing investigations.
