25 pyramid schemes banned - Special disclosure from the Central Bank

The Central Bank of Sri Lanka has made a special disclosure regarding institutions operating and promoting pyramid schemes, which are prohibited in Sri Lanka. According to the updated list released by the Central Bank yesterday (July 01), the latest entity to be banned is the private company 'Infinity Rover' (Infinity Rover (Pvt) Ltd).

The Central Bank reached this decision after a lengthy investigation conducted under Section 83(C) of the amended Banking Act No. 30 of 1988. With this latest inclusion, the total number of prohibited pyramid scheme institutions and applications (Apps) operating in the country, identified by the Central Bank to date, has increased to 25.

The Central Bank emphasizes that such pyramid schemes are completely prohibited under the Banking Act in Sri Lanka. For this reason, the Central Bank makes an urgent appeal to the public to refrain from engaging in and investing money in such fraudulent schemes.

The complete list of 25 prohibited pyramid scheme institutions and applications named by the Central Bank is as follows:

1. Tiens Lanka Health Care (Pvt) Ltd

2. Best Life International (Pvt) Ltd

3. Mark – Wo International (Pvt) Ltd

4. V M L International (Pvt) Ltd

5. Global Lifestyle Lanka (Pvt) Ltd

6. Fast3Cycle International (Pvt) Ltd

7. Sport Chain app, Sport Chain zs society Sri Lanka

8. OnmaxDT

9. MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group

10. Fastwin (Pvt) Ltd

11. Fruugo Oline App/ Fruugo Oline (Pvt) Ltd

12. Ride to Three Freedom (Pvt) Ltd

13. Qnet/ Questnet

14. Era Miracle (Pvt) Ltd. And Genesis Business School

15. Ledger Block

16. Isimaga International (Pvt) Ltd

17. Beecoin App and Sunbird Foundation

18. Windex Trading

19. The Enrich Life (Pvt) Ltd

20. Smart Win Entrepreneur (Pvt) Ltd

21. Net Fore International (Pvt) Ltd./ Netrrix

22. Pro Care (Pvt) Ltd., Shade of Procare (Pvt) Ltd

23. SGO/sgomine.com

24. I.C.A.N Advertising (Pvt) Ltd and its affiliated websites (icanonlineadvertising.com / bannercuts.com / bannercuts.lk / bannercuts.net / bannercuts.org)

25. Infinity Rover (Pvt) Ltd

The Central Bank's statement further mentions that the public should be highly cautious about institutions such as OnmaxDT, MTFE App, and Qnet, which were previously included in this list, as well as the latest applications.