Central Bank identifies eight more promoting pyramid schemes

The Central Bank of Sri Lanka (CBSL) has identified eight more entities promoting pyramid schemes in the country.
In a notice to the public, the CBSL listed Beecoin App/Sunbird Foundation, Fast Win Ltd, Fruugo Oline Ltd, Genesis Business School/Era Miracle Ltd, Isimaga International Ltd, Ledger Block, Qnet/Questnet and Ride to Three Freedom Ltd to have conducted the illegal business schemes.
The list is in addition to several entities already banned by the CBSL last year. 

The entities exposed were Onmax DT, MTFE App, MTFE SL Group, MTFE Success Lanka Ltd and MTFE DSCC Group Ltd, Tiens Lanka Health Care Ltd, Best Life International Ltd, Global Lifestyle Lanka Ltd, Mark-Wo International Ltd, VML International Ltd, Fast 3Cycle International Ltd (F3C) and Sport Chain App, Sports Chain ZS Society.
According to the Sri Lankan law, promoting or participating in pyramid schemes is illegal and a punishable offense, the CBSL cautioned.

The public is advised to be vigilant of being involved in the illegal business schemes as “any person who directly or indirectly initiates, offers, promotes, advertises, conducts, finances, manages or directs prohibited types of pyramid schemes shall be guilty of a punishable offense”, according to the notice.

Pyramid schemes are illegal business models, which operate on offers such as to make “easy money” or “online profit”, through the trading of goods or virtual currencies aimed at making people rich quickly without much effort.