Sri Lanka, June 22 -- The alleged mastermind behind a large-scale money laundering operation accused of illegally transferring more than Rs. 210 billion (over US$700 million) out of Sri Lanka under the guise of importing goods has been detained by the Financial Investigation Division, with further investigations now underway.

The suspect, identified as Jeffry Mohamed, is alleged to have operated as the director of Colombo Fort-based A.Y. Investments and facilitated illegal overseas money transfers for a number of importers. Investigators say the operation had been active since 2023 and enabled businesses to remit funds abroad outside legal channels, resulting in significant losses in government tax and customs revenue.

The investigation...