CBSL declares 22 companies and apps as prohibited pyramid schemes

The Central Bank of Sri Lanka (CBSL) has officially identified and declared 22 companies and mobile applications as prohibited pyramid schemes under Section 83(C) of the Banking Act No. 30 of 1988, as amended.

In a notice issued to the general public, the CBSL stated that its investigation has confirmed that “SGO/sgomine.com” has been engaging in, conducting, and promoting a prohibited pyramid scheme. 

The notice further lists 22 additional entities that have been ascertained and determined as prohibited schemes. They include:

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 and associated groups
10. Fastwin (Pvt) Ltd
11. Fruugo Online App / Fruugo Online (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 / Netrrix
22. Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd 

The CBSL urged the public to remain vigilant and avoid participating in or promoting such schemes, warning that pyramid operations pose significant financial risks to individuals and the wider economy.