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CBSL Names 8 Entities Conducting Prohibited Schemes, Warns Against Pyramid Schemes

CBSL Names 8 Entities Conducting Prohibited Schemes, Warns Against Pyramid Schemes

The Central Bank of Sri Lanka (CBSL) has issued a public notice identifying eight entities that have engaged in prohibited schemes. The CBSL has warn

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The Central Bank of Sri Lanka (CBSL) has issued a public notice identifying eight entities that have engaged in prohibited schemes. The CBSL has warned that participating in a pyramid scheme is a punishable offense. Investigations were conducted based on complaints received by the bank, and it has been determined that the listed entities have conducted prohibited schemes in violation of the Banking Act. The CBSL emphasizes that initiating, promoting, or conducting such schemes is a punishable offense, which may result in imprisonment or fines. The public is urged to refrain from engaging in such activities. The CBSL denies any agreements with the listed institutions and has requested the Attorney General to consider taking legal action against them. The CBSL had previously received complaints about pyramid scheme scams and stated that formal investigations will be conducted by the Criminal Investigation Department and the Sri Lanka Police to enforce the law.

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