Ravi Demands Parliamentary Probe into Alleged US$1 Billion Forex Fraud, Calls for CBSL and Customs to Face Committee

Opposition parliamentarian Ravi Karunanayake has urged Parliament's Committee on Public Finance (COPF) to take urgent action by summoning the Central Bank of Sri Lanka (CBSL), Sri Lanka Customs, and several commercial banks to answer questions over an alleged foreign exchange fraud estimated at US$1 billion.

A Call for Immediate Accountability

Karunanayake, a veteran lawmaker and former Finance Minister, made the appeal directly to the COPF, insisting that the scale of the alleged fraud demands swift and transparent parliamentary scrutiny. He argued that the relevant regulatory and enforcement bodies must be held accountable without delay.

The MP stressed that allowing such a significant alleged financial irregularity to go unchecked would cause lasting damage to Sri Lanka's already fragile economic credibility, particularly at a time when the country is working to rebuild investor confidence following its historic debt crisis.

Key Institutions in the Spotlight

Among the institutions Karunanayake wants summoned before the committee are:

• The Central Bank of Sri Lanka (CBSL), the country's primary monetary and financial regulatory authority
• Sri Lanka Customs, responsible for monitoring cross-border trade and foreign currency flows
• A number of commercial banks alleged to have played a role in the transactions under scrutiny

Broader Implications for Sri Lanka's Economy

The alleged fraud, if confirmed at the stated scale, would represent one of the most significant financial crimes in Sri Lanka's recent history. Foreign exchange management has been a particularly sensitive issue for the island nation since its 2022 economic collapse, which was partly attributed to severe foreign reserve shortages.

Karunanayake's push for a COPF inquiry signals growing opposition pressure on regulatory institutions to demonstrate that oversight mechanisms are functioning effectively in the post-crisis environment.

The COPF, as a key parliamentary watchdog body, has the authority to summon officials from public institutions and demand answers on matters of national financial concern. Whether the committee will act on Karunanayake's request remains to be seen, but the move is expected to intensify political debate around foreign exchange governance and banking sector transparency in the weeks ahead.