August 06, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has renewed its warning to the public over a number of companies and mobile applications identified as prohibited pyramid schemes under the provisions of the Banking Act, No. 30 of 1988, as amended, urging prospective investors to exercise extreme caution.
In a public notice, the CBSL said an investigation conducted in terms of Section 83(C) of the Banking Act established that TM App had engaged in, operated and promoted a prohibited pyramid scheme. Following the inquiry, the Central Bank also identified several other companies and applications as operating in violation of the same legal provisions.
The entities listed by the CBSL as prohibited pyramid schemes are:
- Tiens Lanka Health Care (Pvt) Ltd
- Best Life International (Pvt) Ltd
- Mark–Wo International (Pvt) Ltd
- V M L International (Pvt) Ltd
- Global Lifestyle Lanka (Pvt) Ltd
- Fast3Cycle International (Pvt) Ltd
- Sport Chain App and Sport Chain ZS Society Sri Lanka
- OnmaxDT
- MTFE App, MTFE SL Group, MTFE Success Lanka and MTFE DSCC Group
- Fastwin (Pvt) Ltd
- Fruugo Oline App / Fruugo Oline (Pvt) Ltd
- Ride to Three Freedom (Pvt) Ltd
- Qnet / Questnet
- Era Miracle (Pvt) Ltd and Genesis Business School
- Ledger Block
- Isimaga International (Pvt) Ltd
- Beecoin App and Sunbird Foundation
- Windex Trading
- The Enrich Life (Pvt) Ltd
- Smart Win Entrepreneur (Pvt) Ltd
- Net Fore International (Pvt) Ltd / Netrrix
- Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd
- SGO / sgomine.com
- I.C.A.N. Advertising (Pvt) Ltd and its affiliated platforms
- Infinity Rover (Pvt) Ltd
- TM App
The Central Bank cautioned the public against investing in schemes that rely primarily on recruiting new participants or promise unusually high or unrealistic financial returns, noting that such operations often expose investors to significant financial risks.
The CBSL also advised members of the public to thoroughly verify the legitimacy of any investment opportunity before committing funds. It stressed that carrying out proper due diligence and relying on authorised financial institutions can help prevent avoidable financial losses and protect investors from fraudulent investment schemes.
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