The disclosure was made on Thursday when a suspect arrested in connection with the alleged financial fraud was produced before the court.
The suspect, identified as Jeffrey Mohamed, was recently arrested by the Financial Crimes Investigation Division (FCID) over his alleged involvement in the suspected racket.
Earlier, the court had granted investigators permission to detain and question the suspect for seven days. Following the completion of the detention period, he was produced before Asanga S. Bodaragama for further proceedings.
Authorities are continuing investigations into the alleged scheme, which is believed to involve the misuse of foreign exchange regulations through purported import transactions. The court was informed that the investigation remains ongoing, and further legal action may follow based on the findings.
No findings of guilt have been made by the court at this stage, and the allegations remain under investigation.
