USD 700mn import scam's 'mastermind' re-remanded

A suspect who allegedly illegally remitted over 700 million US Dollars abroad since 2023 under the guise of importing goods to the country was remanded until July 23.

Colombo Chief Magistrate Asanga S Bodaragama issued the order today (9) after considering the submissions made by the Financial Investigation Division officials when the case was called.

According to the Police, the person re-remanded is identified as Jiffry Mohamed, who is allegedly one of the main and largest black money smugglers of the country.

The Magistrate also ordered a summary of evidence to be submitted to the court against the suspect under Section 54(b).

More than 210, 000 million rupees were illegally remitted to foreign countries by this suspect from 2023 to date alone, the Financial Investigation Division informed the court.

Investigating officers informed the court that the suspect was arrested after Financial Crime Investigation Division officials raided an institution named 'A.Y Investment' operated in the Colombo Fort area.

A person named Jiffry Mohamed operated this sophisticated racket while posing as the director of the relevant institution.

He was arrested on June 19 while hiding in a housing complex in Negombo and detention orders were obtained until today.