Central Bank warns public over prohibited pyramid schemes

Colombo, July 1 (Daily Mirror) - The Central Bank of Sri Lanka has issued a public notice warning that several companies and digital platforms have been identified and determined to be operating prohibited pyramid schemes under Section 83(C) of the Banking Act No. 30 of 1988, as amended.

Accordingly, following an investigation, the Central Bank has confirmed that “Infinity Rover (Pvt) Ltd” has engaged in, conducted and promoted a prohibited scheme.

In addition, the following entities have also been identified as prohibited schemes under the same legal provisions:

Tiens Lanka Health Care (Pvt) Ltd; Best Life International (Pvt) Ltd; Mark Wo International (Pvt) Ltd; V M L International (Pvt) Ltd; Global Lifestyle Lanka (Pvt) Ltd; Fast3Cycle International (Pvt) Ltd; Sport Chain app / Sport Chain zs society Sri Lanka; OnmaxDT; MTFE App / MTFE SL Group / MTFE Success Lanka / MTFE DSCC Group; Fastwin (Pvt) Ltd; Fruugo Online App / Fruugo Online (Pvt) Ltd; Ride to Three Freedom (Pvt) Ltd; Qnet / Questnet; Era Miracle (Pvt) Ltd and Genesis Business School; Ledger Block; Isimaga International (Pvt) Ltd; Beecoin App and Sunbird Foundation; Windex Trading; The Enrich Life (Pvt) Ltd; Smart Win Entrepreneur (Pvt) Ltd; Net Fore International (Pvt) Ltd / Netrrix; Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd; SGO / sgomine.com; L.C.A.N. Advertising (Pvt) Ltd and its affiliates (icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercusts.net, bannercuts.org); and Infinity Rover (Pvt) Ltd.

The Central Bank cautioned the public to exercise vigilance and refrain from participating in such schemes, which are prohibited under Sri Lankan law.