Legal action against individuals and organizations involved in pyramid schemes - State Minister

The State Minister of Finance, Ranjith Siyambalapitiya says that legal action will be taken under the Penal Code against the organizations and individuals who are carrying out or involved in Pyramid schemes.

Meanwhile on Thursday (Aug 24), the Central Bank of Sri Lanka (CBSL) had banned 09 entities that have conducted pyramid schemes which are prohibited in the country.

In a post published on social media platform X, formerly known as Twitter, the CBSL warned against participating in pyramid schemes, deeming it a punishable offence.

The CBSL further mentioned that it has requested the Attorney General to consider instituting criminal proceedings in term of the provisions of Section 83C of the Banking Act.

Accordingly, the following 9 entities were banned by the CBSL for conducting prohibited schemes:

01. Tiens Lanka Health Care (Pvt). Ltd.
02. Best Life International (Pvt). Ltd.
03. Global Lifestyle Lanka (Pvt). Ltd.
04. Mark-Wo International (Pvt). Ltd.
05. VML International (Pvt). Ltd.
06. Fast 3Cycle Internatioal (Pvt). Ltd. (F3C)
07. Sport Chain App, Sports Chain ZS Society Sri Lanka
08. OnmaxDT
09. MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt). Ltd. and MTFE DSCC Group (Pvt). Ltd.