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 Banking Act No. 30 of 1988, as amended.

In a notice issued to the 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:

• Tiens Lanka Health Care (Pvt.) Ltd
• Best Life International (Pvt.) Ltd
• Mark-Wo International (Pvt.) Ltd
• V M L International (Pvt.) Ltd
• Global Lifestyle Lanka (Pvt.) Ltd
• Fast3Cycle International (Pvt.) Ltd
• Sport Chain app/Sport Chain ZS Society Sri Lanka
• OnmaxDT
• MTFE App and associated groups
• Fastwin (Pvt.) Ltd
• Fruugo Online App/Fruugo Online (Pvt.) Ltd
• Ride to Three Freedom (Pvt.) Ltd
• Qnet/Questnet
• Era Miracle (Pvt.) Ltd and Genesis Business School
• Ledger Block
• Isimaga International (Pvt.) Ltd
• Beecoin App and Sunbird Foundation
• Windex Trading
• The Enrich Life (Pvt.) Ltd
• Smart Win Entrepreneur (Pvt.) Ltd
• Net Fore International (Pvt.) Ltd/Netrrix
• 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.