Four private bank managers arrested over alleged US$1 billion illegal fund transfers

The Criminal Investigation Department has arrested four managers of leading private banks over an alleged scheme to illegally transfer about US$1 billion out of Sri Lanka.

Officers from the CID’s Financial Crimes Investigation Division arrested the four managers at their respective banks, police said.

Police described the arrests as the first of their kind in Sri Lanka involving bank managers in an investigation of this nature.

Investigators allege that the main suspect behind the scheme regularly paid the bank officials in return for their assistance.

The officials allegedly received weekly payments ranging from Rs. 30,000 to Rs. 100,000. Investigators have also found that one of the arrested managers allegedly received about Rs. 1 million on one occasion.

The Financial Crimes Investigation Division is continuing investigations into the alleged transfer of funds overseas and the involvement of other individuals.