Sri Lanka, Aug. 20 -- Four bank officials were ordered to be further remanded until September 3 by Colombo Chief Magistrate Asanga S. Bodaragama in connection with an alleged scheme to transfer US$1 billion out of the country in collaboration with alleged major fraudster Jeffrey Mohamed, who is accused of establishing 36 fictitious companies under the guise of importing goods.

The Magistrate directed the Financial Crimes Investigation Division (FCID) to investigate whether senior officials of the respective banks had aided and abetted the alleged offences and whether they had been involved in the scheme by disregarding the banks' legal frameworks and procedures.

The Magistrate further directed the FCID to investigate whether any senior...