CBSL Uncovers 21 Companies Involved in Prohibited Schemes

The CBSL identified 21 companies that have been found to be engaging in illegal pyramid schemes, which violate Section 83 (C) of the Banking Act, No. 30 of 1988, as amended.

Pyramid schemes are fraudulent investment schemes that promise high returns for enrolling others into the scheme, rather than generating profits from legitimate business activities. These schemes often result in significant financial losses for participants, particularly those at the bottom of the pyramid.

The following companies have been flagged for their involvement in such activities:

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. Fast3Cycle International (Pvt) Ltd
6. Sport Chain app, Sport Chain zs society Sri Lanka
7. OnmaxDT
8. MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
9. Fastwin (Pvt) Ltd
10. Fruugo Online App / Fruugo Online (Pvt) Ltd
11. Ride to Three Freedom (Pvt) Ltd
12. Qnet
13. Era Miracle (Pvt) Ltd and Genesis Business School
14. Ledger Block
15. Isimaga International (Pvt) Ltd
16. Beecoin App and Sunbird Foundation
17. Windex Trading
18. The Enrich Life (Pvt) Ltd
19. Smart Win Entrepreneur (Pvt) Ltd
20. Net Fore International (Pvt) Ltd / Netrrix

The CBSL emphasized that participation in these pyramid schemes is illegal and advised the public to avoid engaging with these companies to prevent financial and legal repercussions. Additionally, individuals involved in operating or promoting such schemes may face serious legal action.

The Central Bank reiterated its commitment to protecting the financial stability of the country and urged the public to report any further suspicious activities to relevant authorities.