CBSL identifies one more pyramid scheme

By Nuzla Rizkiya  

The Central Bank of Sri Lanka (CBSL) has identified one more entity named Windex Trading to have been promoting illegal pyramid schemes in the country.

The latest notice brings the total number of pyramid promoters to nine entities this year. 

Last month, the CBSL listed eight entities named 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 illegal business schemes. 

Under the Sri Lankan law, promoting or participating in pyramid schemes is illegal and a punishable offense. 
The latest addition adds up to the 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.  

Accordingly, as of now, the CBSL has exposed a total of 18 entities that have been found promoting illegal pyramid schemes.