The Central Bank of Sri Lanka (CBSL) has identified and declared a number of companies and mobile applications as prohibited schemes under Section 83(C) of the Banking Act No. 30 of 1988, as amended.
According to the Central Bank, investigations found that Max App Media Ltd., together with its affiliated companies Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd., had engaged in, conducted and promoted a prohibited scheme.
The CBSL said the following companies, applications and entities have also been determined to be prohibited schemes under the same provision:
1. Tiens Lanka Health Care (Pvt) Ltd.
2. Best Life International (Pvt) Ltd.
3. Mark-Wo International (Pvt) Ltd.
4. VML International (Pvt) Ltd.
5. Global Lifestyle Lanka (Pvt) Ltd.
6. Fast3Cycle International (Pvt) Ltd.
7. Sport Chain app and Sport Chain ZS Society Sri Lanka.
8. OnmaxDT.
9. MTFE App, MTFE SL Group, MTFE Success Lanka and MTFE DSCC Group.
10. Fastwin (Pvt) Ltd.
11. Fruugo Oline App and 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. and Shade of Procare (Pvt) Ltd.
23. SGO/sgomine.com.
24. I.C.A.N. Advertising (Pvt) Ltd. and its affiliated websites icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercusts.net and bannercuts.org.
25. Infinity Rover (Pvt) Ltd.
26. TM App.
27. Max App Media Ltd. and its affiliated companies Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd.
The declaration falls under Section 83(C) of the Banking Act, which provides for action against prohibited schemes.
The Central Bank said its announcement serves as a warning to the public to exercise caution when dealing with the listed entities and applications.
