Central Bank of Sri Lanka takes action against prohibited pyramid schemes, requests criminal proceedings against three institutions

The Central Bank of Sri Lanka has issued a public notification warning citizens of prohibited pyramid schemes that are being implemented in violation of Section 83c of the Banking Act No. 30 of 1988. The bank received a large number of complaints from the public and launched an investigation under Section 83 4 of the Banking Act to determine if three institutions, Fast 3Cycle International (Pvt) Ltd (F3C), Sports Chain App, Sports Chain ZS Society Sri Lanka, and OnmaxDT, and their directors, promoters and founders were acting contrary to the Banking Act.

The investigation reports revealed that these institutions and their related parties were acting in violation of Section 83C of the Banking Act. As a result, the Central Bank of Sri Lanka has requested the Honorable Attorney General to consider transferring criminal proceedings under Section 83 d of the Banking Act against these institutions and their directors, promoters, and founders.

Pyramid schemes are illegal in Sri Lanka, and the Central Bank is urging citizens to exercise caution and avoid participating in such schemes. The bank has also warned that those who engage in prohibited pyramid schemes will face legal action.

The Central Bank of Sri Lanka has issued a public notification warning citizens of prohibited pyramid schemes that are being implemented in violation of Section 83c of the Banking Act No. 30 of 1988. The bank received a large number of complaints from the public and launched an investigation under Section 83 4 of the Banking Act to determine if three institutions, Fast 3Cycle International (Pvt) Ltd (F3C), Sports Chain App, Sports Chain ZS Society Sri Lanka, and OnmaxDT, and their directors, promoters and founders were acting contrary to the Banking Act.

The investigation reports revealed that these institutions and their related parties were acting in violation of Section 83C of the Banking Act. As a result, the Central Bank of Sri Lanka has requested the Honorable Attorney General to consider transferring criminal proceedings under Section 83 d of the Banking Act against these institutions and their directors, promoters, and founders.

Pyramid schemes are illegal in Sri Lanka, and the Central Bank is urging citizens to exercise caution and avoid participating in such schemes. The bank has also warned that those who engage in prohibited pyramid schemes will face legal action.