Public Complaints on Unlawful Pyramid Schemes
Public Complaints on Unlawful Pyramid Schemes
The Central Bank of Sri Lanka (CBSL) has recently received many public complaints indicating that some schemes operating through online platforms are misleading investors into depositing money/investing in these schemes by stating factors such as indicated below, in an attempt to justify that they are lawful schemes:
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- The scheme is protecting investors’ funds by adhering to the regulations of CBSL;
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- The scheme is paying the relevant taxes to the Government;
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- Participants of the schemes have to pay a personal income tax from their funds to CBSL, in order to withdraw funds and if not, their funds would be frozen by CBSL;
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- The scheme has had discussions with CBSL.