FCID investigates 17 firms over suspected Rs. 190 billion overseas transfers

The Financial Crimes Investigation Division (FCID) has expanded its investigation into suspected foreign exchange violations, targeting 17 additional companies accused of illegally transferring funds overseas. These companies allegedly used the pretext of importing goods to remit large sums of money abroad.

Combined with 72 companies already facing legal action, the total amount under investigation is estimated at Rs. 190 billion transferred between January 1, 2023, and September 30, 2025. Of this total, approximately Rs. 130 billion is linked to the initial 72 companies, which have already resulted in the arrest and remand of two individuals.

Investigators found that the funds were routed through six private and state-owned banks in Colombo. Some transfers were sent to jurisdictions considered high-risk for money laundering, including Brazil, Panama, Mauritius, and Madagascar. Authorities noted that no corresponding imports were recorded from these countries following the transactions.

Preliminary findings suggest the 17 new companies may be controlled by only one or two individuals. The FCID is working to identify the operators behind these entities, noting that their ongoing efforts have contributed to an estimated 90% decline in individuals using the Telegraphic Transfer (TT) system for overseas remittances.