CB bans nine entities over pyramid schemes
By: Isuru Parakrama
Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has banned nine entities over the operation of prohibited monkey schemes known as ‘pyramid schemes’.
In a notice, the CBSL said it has determined the below entities conduct and / or have conducted these prohibited schemes:
- Tiens Lanka Health Care (Pvt) Ltd.
- Best Life International (Pvt) Ltd.
- Global Lifestyle Lanka (Pvt) Ltd.
- Mark-Wo International (Pvt) Ltd.
- V M L International (Pvt) Ltd.
- Fast 3Cycle International (Pvt) Ltd. (F3C)
- Sport Chain App, Sports Chain ZS Society Sri Lanka
- OnmaxDT
- MTFE App, MTFE Sl Group, MTFE Success Lanka (Pvt) Ltd and MTFE DSCC Group (Pvt) Ltd.
“Any person who directly or indirectly initiates, offers, promotes, advertises, conducts, finances, manages or directs a prohibited type pyramid schemes shall be guilty of a punishable offence,” the CBSL said in its notice.
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