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CBSL Issues Warnings Against 20 Pyramid Schemes

**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.

CBSL Issues Warnings Against 20 Pyramid Schemes

Editor December 20, 2024

The Central Bank of Sri Lanka (CBSL) has issued a strong warning to the public about 20...

Supreme Court Confirms Death Sentence for Vass Gunawardena and Others

Editor December 20, 2024

The Colombo High Court announced today that the Supreme Court has upheld the death sentence for five...

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Editor December 20, 2024

Foreign Minister Vijitha Herath has defended former Deputy High Commissioner to Australia, Himali Arunathilaka, following an Australian...

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Editor December 20, 2024

The Criminal Investigation Department (CID) has disclosed significant developments in the investigation of the 2019 Easter Sunday...

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Editor December 19, 2024

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Editor December 19, 2024

D.J.A.S.S. Rajakaruna, the Chairman of the Ceylon Petroleum Corporation (Cepetco), has strongly refuted recent reports that claim...

Ministers’ Statements on Wild Animals and Agriculture Spark Controversy Ministers' Statements on Wild Animals and Agriculture Spark Controversy

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Editor December 19, 2024

Instead of the Lalkantha and Wijepala system, a system that protects wild animals, farmers, and cultivated lands...

CBSL Governor Warns of Taxes on Vehicle Imports If They Rise

Editor December 19, 2024

Central Bank Governor Dr. Nandalal Weerasinghe has announced that the government will impose taxes on vehicle imports...

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“CID Confirms White Van Kidnappings, Bodies Fed to Crocodiles” – Senaratne

Editor December 19, 2024

Former Minister Rajitha Senaratne has revealed that officials from the Criminal Investigation Department (CID) have confirmed the...

Venerable Gnanasara Thero Falls Ill While Awaiting Verdict, Arrest Warrant Issued

Editor December 19, 2024

The Colombo Additional Magistrate’s Court has issued an arrest warrant for Venerable Galabadaaththe Gnanasara Thero, General Secretary...

Sri Lanka

CBSL Issues Warnings Against 20 Pyramid Schemes

Supreme Court Confirms Death Sentence for Vass Gunawardena and Others

Foreign Minister Defends Himali Arunathilaka Amid Australian Court Penalties

Easter Attacks Investigation Unveils Hidden Secrets; Police Chiefs Under Scrutiny

Gammanpila Criticizes President’s ETCA Stance and Security Protocols

CEYPETCO Chairman Denies Salary Doubling Claims, Plans Legal Action

Ministers’ Statements on Wild Animals and Agriculture Spark Controversy

CBSL Governor Warns of Taxes on Vehicle Imports If They Rise

“CID Confirms White Van Kidnappings, Bodies Fed to Crocodiles” – Senaratne

Venerable Gnanasara Thero Falls Ill While Awaiting Verdict, Arrest Warrant Issued

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