21/01/2025
# # # Sri Lanka Central Bank Reveals 21 Banned Pyramid Scheme Companies
*January 21, 2025*
The Central Bank of Sri Lanka (CBSL) has identified 21 organizations operating illegal pyramid schemes in violation of the Banking Act. On January 20, CBSL publicly disclosed the names of 20 companies involved in such schemes, while one company’s name remains undisclosed due to a court order under Section 83(C) of the Banking Act No. 30 of 1988.
# # # # The List of Banned Entities:
1. Tiens Lanka Health Care (Pvt) Ltd
2. Best Life International (Pvt) Ltd
3. Mark – Wo International (Pvt) Ltd
4. V L K International (Pvt) Ltd
5. Fast3Cycle International (Pvt) Ltd
6. Sport Chain App
7. Sport Chain ZS Society Sri Lanka
8. OnmaxDT
9. MTFE App
10. MTFE SL Group
11. MTFE Success Lanka
12. MTFE DSCC Group
13. Fastwin (Pvt) Ltd
14. Fruugo Online App/Fruugo Online (Pvt) Ltd
15. Ride to Three Freedom (Pvt) Ltd
16. QNet
17. Era Miracle (Pvt) Ltd
18. Genesis Business School
19. Ledger Block
20. Isimaga International (Pvt) Ltd
21. Beecoin App and Sunbird Foundation, Windex Trading, The Enrich Life (Pvt) Ltd, Smart Win Entrepreneur (Pvt) Ltd, Net Fore International (Pvt) Ltd/Netrrix
The CBSL emphasized that these companies have defrauded the public, accumulating significant sums of money, although the exact amount is yet to be determined. Investigations confirm that these schemes violate provisions of Section 83(A) of the Banking Act, which prohibits pyramid-style operations.
For public awareness, the CBSL continues to monitor and act against fraudulent schemes exploiting consumers and encourages individuals to exercise caution when engaging in financial ventures promising unusually high returns.
Source: Shyami Nuwan Ganewatta
