The Central Bank of Sri Lanka (CBSL) has formally identified and declared 22 companies and mobile applications as prohibited pyramid schemes under Section 83(C) of the Banking Act No. 30 of 1988, as amended.
In a public notice, the CBSL confirmed that investigations have verified that SGO/sgomine.com has been engaging in, conducting, and promoting an illegal pyramid operation.
The notice also listed 22 other entities determined to be prohibited schemes. They include:
- 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 / Sport Chain ZS Society Sri Lanka
- OnmaxDT
- MTFE App and associated groups
- Fastwin (Pvt) Ltd
- Fruugo Online App / Fruugo Online (Pvt) Ltd
- Ride to Three Freedom (Pvt) Ltd
- Qnet / Questne
- 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
The Central Bank urged the public to exercise caution and refrain from participating in or promoting such schemes, warning that pyramid operations can cause severe financial losses to individuals and negatively impact the broader economy.
