The Central Bank of Sri Lanka (CBSL) has issued a public notice warning that several companies and mobile applications have been found to be operating prohibited pyramid schemes in violation of Section 83C of the Banking Act, No. 30 of 1988, as amended.
Following investigations, the CBSL announced that I.C.A.N Advertising (Pvt) Ltd and its affiliated websites — icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org — have conducted and promoted a prohibited scheme.
Accordingly, the Central Bank has determined that the following companies and apps are operating illegal pyramid schemes:
- 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 (including Sport Chain zs society Sri Lanka)
- OnmaxDT
- MTFE (including MTFE SL Group, MTFE Success Lanka and MTFE DSCC Group)
- Fastwin (Pvt) Ltd
- Fruugo Oline (Pvt) Ltd and the Fruugo Oline App
- Ride to Three Freedom (Pvt) Ltd
- Qnet / Questnet
- Era Miracle (Pvt) Ltd and Genesis Business School
- Ledger Block
- Isimaga International (Pvt) Ltd
- Beecoin and Sunbird Foundation
- Windex Trading
- The Enrich Life (Pvt) Ltd
- Smart Win Entrepreneur (Pvt) Ltd
- Net Fore International (Pvt) Ltd / Netrix
- Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd
- SGO
The CBSL cautioned the public against investing in or promoting such schemes, stressing that pyramid schemes are illegal and pose significant financial risks to participants.
The Central Bank further urged the public to verify the legitimacy of investment opportunities and to report any suspicious schemes to the relevant authorities.
