The Central Bank of Sri Lanka (CBSL) has issued a notice to the public warning of Prohibited Pyramid Schemes being operated in the country.
Based on investigations, the Central Bank has determined 21 companies that have engaged in pyramid schemes.
According to a Central Bank statement, the companies have engaged in a scheme prohibited under Section 83 (C) of the Banking Act, No. 30 of 1988 as amended.
Per the CBSL, the following are the 21 companies that have engaged in pyramid schemes;
- Tiens Lanka Health Care (Pvt) Ltd
- Best Life International (Pvt) Ltd
- Mark – Wo International (Pvt) Ltd
- V M L International (Pvt) Ltd
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- Fast3Cycle International (Pvt) Ltd
- Sport Chain app, Sport Chain zs society Sri Lanka
- OnmaxDT
- MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
- Fastwin (Pvt) Ltd
- Fruugo Oline App/ Fruugo Oline (Pvt) Ltd
- Ride to Three Freedom (Pvt) Ltd
- Qnet
- 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
The CBSL said disclosure of the name of a company which has been determined under Section 83(C) of the Banking Act is withheld due to a court order issued pertaining to such company. (Newswire)
