CBSL warns public on prohibited pyramid schemes

Colombo, Feb. 25 (Daily Mirror) - The Central Bank of Sri Lanka (CBSL) has issued a public notice warning against a number of companies and mobile applications found to have engaged in prohibited pyramid schemes in violation of Section 83C of the Banking Act, No. 30 of 1988, as amended.

Following investigations, the CBSL announced that I.C.A.N Advertising (Pvt) Ltd and its affiliates — icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org — have conducted and promoted a prohibited scheme.

Accordingly, the Central Bank has determined the following companies and apps as operating prohibited pyramid schemes:

1. Tiens Lanka Health Care (Pvt) Ltd
2. Best Life International (Pvt) Ltd
3. Mark – Wo International (Pvt) Ltd
4. V M L International (Pvt) Ltd
5. Global Lifestyle Lanka (Pvt) Ltd
6. Fast3Cycle International (Pvt) Ltd
7. Sport Chain app, Sport Chain zs society Sri Lanka
8. OnmaxDT
9. MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
10. Fastwin (Pvt) Ltd
11. Fruugo Oline App / Fruugo Oline (Pvt) Ltd
12. Ride to Three Freedom (Pvt) Ltd
13. Qnet / Questnet
14. Era Miracle (Pvt) Ltd and Genesis Business School
15. Ledger Block
16. Isimaga International (Pvt) Ltd
17. Beecoin App and Sunbird Foundation
18. Windex Trading
19. The Enrich Life (Pvt) Ltd
20. Smart Win Entrepreneur (Pvt) Ltd
21. Net Fore International (Pvt) Ltd / Netrix
22. Pro Care (Pvt) Ltd, Shade of Procare (Pvt) Ltd
23. SGO / sgomine.com
24. I.C.A.N Advertising (Pvt) Ltd and its affiliated websites

The CBSL cautioned the public to refrain from investing in or promoting such schemes, noting that pyramid schemes are illegal and pose significant financial risks to participants.

The Central Bank further urged members of the public to verify the legitimacy of investment opportunities and report any suspicious schemes to the relevant authorities.