December 20, 2024
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Political Shake-Up: Dozens of Former Ministers and Prominent Figures Defeated in 2024 General Election Political Shake-Up: Dozens of Former Ministers and Prominent Figures Defeated in 2024 General Election
3 min read

Political Shake-Up: Dozens of Former Ministers and Prominent Figures Defeated in 2024 General Election

Editor November 15, 2024
The 2024 General Election marked a seismic shift in Sri Lanka’s political landscape, as many prominent former...
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PM Dr. Harini Amarasuriya Sets Historic Record with Unprecedented Preferential Votes in Colombo District PM Dr. Harini Amarasuriya Sets Historic Record with Unprecedented Preferential Votes in Colombo District
1 min read

PM Dr. Harini Amarasuriya Sets Historic Record with Unprecedented Preferential Votes in Colombo District

Editor November 15, 2024
Prime Minister Dr. Harini Amarasuriya, representing the National People’s Force (NPF), has made history in the 2024...
Read More Read more about PM Dr. Harini Amarasuriya Sets Historic Record with Unprecedented Preferential Votes in Colombo District

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**Central Bank of Sri Lanka Issues Warnings Against 20 Pyramid Schemes** The Central Bank of Sri Lanka (CBSL) has issued a strong warning to the public about 20 entities accused of violating the provisions of the Banking Act, emphasizing the growing threat posed by pyramid schemes to the country’s financial stability. The CBSL has been actively working with law enforcement authorities to file charges against individuals and organizations that contravene Section 83C(1) of the Banking Act. These efforts aim to safeguard the public from fraudulent financial activities and ensure the integrity of the financial system. Since 2011, the Central Bank has initiated investigations and legal action against several institutions under Section 83C(3) of the Banking Act. These investigations seek to determine whether entities have violated or attempted to violate financial regulations. The CBSL revealed the following 20 organizations as entities of concern: 1. Tiens Lanka Health Care (Pvt) Ltd 2. Best Life International (Pvt) Ltd 3. Mark-Wo International (Pvt) Ltd 4. V ML International (Pvt) Ltd 5. Fast3Cycle International (Pvt) Ltd 6. Sport Chain App, Sport Chain ZS Society Sri Lanka 7. Onmax DT 8. MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group 9. Fastwin (Pvt) Ltd 10. Fruugo Online App/Fruugo Online (Pvt) Ltd 11. Ride to Three Freedom (Pvt) Ltd 12. Qnet 13. Era Miracle (Pvt) Ltd and Genesis Business School 14. Ledger Block 15. Isimaga International (Pvt) Ltd 16. Beecoin App and Sunbird Foundation 17. Windex Trading 18. The Enrich Life (Pvt) Ltd 19. Smart Win Entrepreneur (Pvt) Ltd 20. Net Fore International (Pvt) Ltd | Netrrix The CBSL reiterated the importance of public vigilance, warning against participation in such schemes that often promise unrealistic returns but lead to financial loss for investors. Legal action has been taken against several of these organizations, and investigations into others are ongoing. The CBSL urges the public to report suspicious financial activities and verify the legitimacy of financial institutions before making investments. By raising awareness, the Central Bank aims to reduce the impact of fraudulent schemes and maintain trust in Sri Lanka’s financial sector.
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CBSL Issues Warnings Against 20 Pyramid Schemes

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