Central Bank adds Infinity Rover to banned pyramid schemes list

The Central Bank of Sri Lanka (CBSL) yesterday expanded its list of prohibited pyramid schemes, declaring Infinity Rover (Pvt.) Ltd as having engaged in, conducted and promoted a banned scheme under the Banking Act.

The financial sector regulator reiterated warnings against 24 other entities and applications previously identified as operating illegal investment structures.

In a public notice issued under Section 83(C) of the Banking Act, the CBSL said an investigation had determined that Infinity Rover was operating a prohibited scheme, bringing the total number of entities identified by the regulator to 25.

The CBSL has been stepping up efforts to curb the unauthorised fundraising and investment operations that promise high returns through recruitment-based business models, which are prohibited under Sri Lankan law.

Among the entities previously identified by the CBSL are Qnet/Questnet, Tiens Lanka Health Care, Best Life International, Mark-Wo International, Global Lifestyle Lanka, Fast3Cycle International, MTFE-related groups, OnmaxDT, Ledger Block, Beecoin App, Windex Trading and several online platforms and mobile applications.

The regulator has repeatedly cautioned the public against participating in pyramid schemes, noting that such operations typically rely on recruiting new members rather than generating income through genuine economic activity. Participants often face significant financial losses when recruitment slows or ceases.

There have been growing concerns over the proliferation of online investment platforms, cryptocurrency-linked schemes and app-based ventures that target retail investors with promises of unusually high and quick returns.

The CBSL urged the public to exercise caution and verify the legitimacy of investment opportunities before committing funds, particularly those that offer guaranteed returns or require participants to recruit others to earn income.