Two suspects remanded until November 12 over Rs 190 billion fund transfers

Colombo Chief Magistrate Asanga S. Bodaragama has ordered two suspects, including Jiffry Mohamed, to be kept in remand custody until November 12 over allegations that Rs 190 billion was illegally transferred abroad under the guise of importing goods into Sri Lanka.

The first and eighth suspects in the case were produced before court by prison authorities. Officials of the Financial Crimes Investigation Division told court they opposed granting bail to either suspect.

Steps are being taken to obtain final valuation reports and other documents relating to the import-export transactions under investigation, and they will be submitted to court, the investigators said.

The FCID also told court that statements will be recorded from those who established the companies concerned, and that investigations are under way into possible links between bank officials and the accused companies.

The case, one of the largest alleged financial fraud investigations in recent years, centres on funds moved overseas by presenting fictitious import documentation. Further arrests have not been ruled out as the investigation continues.