Education

Sri Lanka’s Central Bank Warns Public Against 22 Illegal Pyramid Schemes

The Central Bank of Sri Lanka (CBSL) has issued a public notice alerting both local and international audiences about a series of illegal pyramid and prohibited investment schemes operating under various company names and online platforms.

Following an investigation conducted under Section 83(C) of the Banking Act No. 30 of 1988, the CBSL confirmed that “SGO/sgomine.com” has been engaging in, conducting, and promoting a prohibited pyramid scheme.

In addition, the following companies, apps, and organizations have also been officially identified as operating unlawful pyramid or pyramid-type schemes:

  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 and Shade of Procare (Pvt) Ltd

The Central Bank advises the public to exercise extreme caution and avoid participation in any of the above operations, noting that such schemes often result in financial loss and violate national financial regulations.

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10 months ago

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