CBSL Issues Public Warning: 24 Entities Named in Prohibited Pyramid Scheme Investigation

COLOMBO (News 1st); The Central Bank of Sri Lanka (CBSL) has issued a stern warning to the general public following a formal investigation into several entities suspected of operating prohibited pyramid schemes.

According to a statement issued by the CBSL, In terms of Section 83C of the Banking Act, No. 30 of 1988, as amended, the Central Bank of 
Sri Lanka has conducted an investigation, ascertained and determined that “I.C.A.N Advertising (Pvt) Ltd and its affiliates icanonlineadvertising.com / bannercuts.com / bannercuts.lk / bannercuts.net / bannercuts.org” has engaged, conducted and promoted a prohibited scheme. 

Accordingly, the following Companies/Apps have been ascertained and determined as prohibited schemes under Section 83C of the Banking Act, No. 30 of 1988, as amended. 

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., Shade of Procare (Pvt) Ltd 
23. SGO/sgomine.com 
24. I.C.A.N Advertising (Pvt) Ltd and its affiliates icanonlineadvertising.com/ bannercuts.com / bannercuts.lk / bannercuts.net / bannercuts.org