Share Listen to this Audio AI Generated Summary AI Generated The Central Bank of Sri Lanka (CBSL) has issued a public notice warning citizens against engaging with a number of companies and applications identified as prohibited pyramid schemes under the Banking Act, No. 30 of 1988, as amended.
The CBSL stated that an investigation conducted under Section 83(C) of the Act found that TM App had engaged in, conducted, and promoted a prohibited scheme.
Following the investigation, the Central Bank has determined several other companies and applications as prohibited schemes under the same legal provisions.
The list of entities identified by the CBSL as prohibited schemes as follows:
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
MTFE App, MTFE SL Group, MTFE Success Lanka and MTFE DSCC Group
Fruugo Oline App / Fruugo Oline (Pvt) Ltd
Ride to Three Freedom (Pvt) Ltd
Era Miracle (Pvt) Ltd and Genesis Business School
Isimaga International (Pvt) Ltd
Beecoin App and Sunbird Foundation
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
I.C.A.N. Advertising (Pvt) Ltd and its affiliated platforms
Infinity Rover (Pvt) Ltd
The Central Bank has advised the public to remain vigilant and avoid investing money in schemes that operate through recruitment-based models or offer unrealistic financial returns.
The CBSL further stated that the public should verify the legitimacy of investment opportunities before committing funds in order to prevent possible financial losses.