CBSL reveals names of 20 illegal businesses

January 20, 2025 at 12:17 PM

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;

  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. ————————— 
  6. Fast3Cycle International (Pvt) Ltd 
  7. Sport Chain app, Sport Chain zs society Sri Lanka 
  8. OnmaxDT 
  9. MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group 
  10. Fastwin (Pvt) Ltd 
  11. Fruugo Oline App/ Fruugo Oline (Pvt) Ltd 
  12. Ride to Three Freedom (Pvt) Ltd 
  13. Qnet 
  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 

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)