The State Minister of Finance, Ranjith Siyambalapitiya, has announced that legal action will be pursued against individuals and organizations involved in pyramid schemes.
These schemes, which are prohibited in Sri Lanka, will be addressed under the Penal Code.
Additionally, the Central Bank of Sri Lanka (CBSL) recently banned nine entities that were found to be conducting pyramid schemes within the country. The CBSL, through a social media platform, warned the public against participating in such schemes, emphasizing that it is a punishable offense.
Furthermore, the CBSL has sought the assistance of the Attorney General in initiating criminal proceedings under Section 83C of the Banking Act. The following entities have been identified and banned by the CBSL for their involvement in prohibited schemes:
1. Tiens Lanka Health Care (Pvt). Ltd.
2. Best Life International (Pvt). Ltd.
3. Global Lifestyle Lanka (Pvt). Ltd.
4. Mark-Wo International (Pvt). Ltd.
5. VML International (Pvt). Ltd.
6. Fast 3Cycle International (Pvt). Ltd. (F3C)
7. Sport Chain App, Sports Chain ZS Society Sri Lanka
8. OnmaxDT
9. MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt). Ltd., and MTFE DSCC Group (Pvt). Ltd.
