CBSL issues fresh alert on illegal pyramid schemes

The Central Bank of Sri Lanka (CBSL) yesterday issued a fresh warning to the public against the entities engaged in pyramid schemes.

Having conducted investigations, the monetary watchdog has identified 21 companies that have violated regulation and are engaged in a scheme prohibited under Section 83 (C) of Banking Act, No. 30 of 1988, as amended. 

Of the 21 entities, the disclosure of the name of one company is withheld, due to a court order issued.