President drops $ 1 b import fraud bombshell

Says nearly $ 1 b in bank TT advance payments since 2023 yielded no imports; Probes link bogus imports to drug money, criminal activity, along with involvement by certain bank branches; Asserts anti-corruption drive aims to recover stolen public assets, hold offenders accountable through stronger laws and faster prosecutions; Authorities repatriate 23 Interpol Red Notice suspects and arrest 35 individuals linked to drug trafficking; Establishes high-security prison at Welisara to curb criminal networks operating from behind bars

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PRESIDENT Anura Kumara Dissanayake yesterday launched a scathing attack on what he described as Sri Lanka’s entrenched nexus of corruption, organised crime, and political patronage, alleging that recent investigations revealed that nearly $ 1 billion had been transferred overseas through advance-payment transactions since 2023 without any corresponding imports.

Speaking during the adjournment debate on combatting the drug menace in Parliament, the President pledged to dismantle the networks he said had fuelled both the country’s economic decline and the expansion of organised crime.

Dissanayake argued that drug trafficking, corruption, and organised crime were not isolated challenges but components of a deeply embedded ecosystem that had infiltrated State institutions, political structures, and sections of the law enforcement apparatus, enabling illicit financial flows and undermining governance.

Earlier this month, Public Security Minister Ananda Wijepala told Parliament that authorities had uncovered several bogus import payments totalling $ 85 million. President Dissanayake said further investigations revealed much more.

"Since 2023, advance payments amounting to nearly $1 billion have been made through Telegraphic Transfer (TT) transfers, yet no goods have been received. Such sums cannot be moved by ordinary individuals," he said, claiming investigations had uncovered links to drug money, corruption proceeds, and criminal activity, as well as involvement by certain bank branches.