Rising concerns over online money-making schemes and betting in SL
August 02, Colombo (LNW): Serious issues are emerging in Sri Lanka concerning online money-making schemes, as reports indicate that some unscrupulous individuals are utilising these avenues to exploit and defraud people.
A significant concern is the rise in illegal betting methods, which have adverse effects on the country’s economy. The need to identify the groups behind these activities is growing, as online betting is increasingly becoming a detrimental factor to national financial stability.
Despite Sri Lanka’s ongoing efforts to recover from economic challenges, the authorities appear to be neglecting the significant outflow of money through these betting companies. This lack of attention from the financial sector heads is damaging to the country’s economic stability.
There are also satellite channels that broadcast advertisements for these betting companies. Some of these channels reportedly have government connections, complicating the issue to the point in which reporting it to the authorities seems futile.
These advertisements are also widely disseminated through social media platforms, yet the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has not taken action, despite having the technical capability of such illegal promotions.
SJB MP (Dr.) Harsha de Silva has been the sole voice in Parliament raising objections to the government’s inaction on this issue. His efforts stand in stark contrast to the unified parliamentary response to preventing cricket operations based on the International Cricket Council’s agreement.
The lack of a similar response to the economic damage caused by betting is concerning.
The government’s failure to address this issue, combined with some political parties keeping their solutions secret until they gain power, shows a lack of concern for the welfare of the citizens. These parties are not prioritising the well-being of the people, focusing instead on their political ambitions.
It is alarming that Central Bank officials, who benefit from salaries funded by taxpayers, are not addressing the significant financial losses the country incurs through these betting activities.
If quantifying these losses is challenging, the TRCSL should at least inform the public about the economic impact of such schemes, rather than allowing their promotion.
Citizens who pay for satellite services are being lured into these illegal betting schemes through subliminal advertising, creating a paid pathway for engaging in harmful activities.
Political groups and social activists who typically rally against national issues are suspiciously silent on this matter. The Central Bank, in particular, should be held accountable for allowing these illegal money outflows, which are not subject to taxation or legitimate scrutiny.
The societal impact of the financial drain due to these illegal betting schemes is significant. It is crucial to investigate the origins of these advertisements on satellite channels, understand who profits from promoting illegal activities, and identify those involved.
It is concerning that no political or social activist organisations have approached the Central Bank to address these issues. The legal sector’s lack of intervention to prevent these illegal money outflows and expose the responsible parties is also problematic.
The government must take immediate action to stop the illegal outflow of national funds. Just as black money is laundered through election campaigns, those responsible for these large, untaxed money flows must be held accountable.
The suspicion that high-level officials may be complicit in this plot is reasonable, given their silence on the matter. It is imperative for responsible citizens, organisations, and state-related legal or economic institutions to take patriotic action against this issue.
Sri Lanka, like other countries in Asia and globally, has established legal precedents and regulations against the consequences of fraudulent betting. It is time for these measures to be enforced effectively.
*Adapted from original article, “හොර ඔට්ටු සහ කටේ පිට්ටු” by Nishman Ranasinghe published on 02.08.2024.
