Sri Lanka investigates US$80 million alleged import payment fraud

Sri Lankan investigators are probing an alleged foreign-exchange operation involving the transfer of approximately US$80 million (Rs 23.7 billion) out of the country. The funds were reportedly sent overseas under the guise of payments for imported goods.

The Financial Crimes Investigation Division has arrested a 34-year-old businessman from Colombo in connection with the case. According to police, the alleged operation involved 26 companies and 54 bank accounts, with transfers occurring on 3,198 separate occasions through six state and private banks between January 2023 and November 2025.

The investigation was initiated following a complaint from Sri Lanka Customs regarding companies suspected of misrepresenting import payments. Authorities are currently examining the banking trails and documentation to determine how such a large volume of transactions was permitted to bypass financial controls.