Colombo Chief Magistrate Orders CBSL To Act On Illegal Pyramid Schemes

COLOMBO (News 1st); Colombo Chief Magistrate Thilina Gamage ordered the Central Bank of Sri Lanka to take immediate action to prevent illegal pyramid schemes in Sri Lanka.

The Magistrate also ordered the CBSL to inform the court on the progress on steps taken to prevent such illegal schemes within three months.

Considering that there is a large number of people affected by such schemes and a significant number of court cases in thisregard the magistrate stated that it is the duty of the CBSL to help people avoid falling for such schemes.

Senior Assistant Director of CBSL Niroshan Mayadunna, appeared before the court to present facts related to these incidents, following a previous order made by the court.

Accordingly, the magistrate raised questions on the step taken to prevent such schemes.

He said, according to sections 83(A) 3 and 83(D) of the CBSL Act officials of the bank and the Criminal Investigation Department have been instructed to enforce the law.