Sri Lanka, Aug. 17 -- Four managers of four leading private banks have been arrested in connection with a racket where an estimated US$1 billion has been illegally transferred out of Sri Lanka to foreign countries.

The arrests were made by the Financial Crimes Investigation Division of the Criminal Investigation Department (FCID).

The four bank managers were reportedly arrested at their respective private banks.

Police said this is the first time that bank managers have been arrested in Sri Lanka in connection with such a case.

Investigations have revealed that the main individual allegedly behind the racket had made weekly payments to the four bank officials.

According to reports, the officials were paid Rs. 30,000, Rs. 50,000 and...