Although the Central Bank of Sri Lanka (CBSL) has banned 22 institutions operating illegal pyramid schemes, no legal action has been taken against any of them so far, according to reports.

This was disclosed during a workshop held at the CBSL yesterday (July 08) on the dangers of pyramid schemes.

According to CBSL officials, after initial investigations, the files were handed over to the Criminal Investigation Department (CID) for further inquiry.

The CID’s Financial Crimes Unit has reportedly completed its investigations and submitted findings to the Attorney General’s Department, which is responsible for filing cases.

However, it was noted that not a single case has been filed to date.

The CBSL states that investigations will be continued against companies engaged in these illegal practices and hopes at least one or two such cases would be filed by the end of this year or early next year (2026).

The Ceylon Petroleum Private Bowser Owners’ Association has alleged that fuel distribution operations have been arbitrarily handed over to another party, which could disrupt fuel transportation across the country.

The association’s Treasurer – Jagath Parakrama warned that the move could jeopardize distribution if not reversed immediately, claiming there is an attempt to create a monopoly over fuel transport.

Parakrama noted that bowser owners, numbering around 400–500 in the association, have long handled the transport of fuel from bulk storage depots island-wide.

He alleged that authorities are now trying to award the fuel transportation route from Colombo and Muthurajawela to Kurunegala to a single businessman via a tender process.

He added, “If we don’t transport the fuel, no one else will be able to do so. However, in the last two or three years, this business was about to be handed over to a few large-scale business people. We, as an association, intervened and managed to stop it for a long time. But now, they are trying to hand over this transportation service to their close associates.”

He stressed that fuel transportation should remain a public service, warning that allowing a monopoly could lead to issues similar to those faced by other transport services.

The Colombo Stock Exchange (CSE) has announced the appointment of Ms. Nilupa Perera as the Chief Regulatory Officer (CRO), effective from today (July 09).

She succeeds Mr. Renuke Wijayawardhane, who retires after an outstanding 31-year career at the CSE.

Ms. Perera, previously served as Senior Vice President – Broker Supervision and Listed Entity Compliance among several other roles at the CSE, and has completed a structured period of understudy in preparation for this role.With over 17 years of experience at the CSE, Ms. Perera brings deep regulatory expertise and a strong understanding of capital market operations. Her appointment ensures continuity and strategic focus in the Exchange’s regulatory function.

Mr. Wijayawardhane will continue to support the transition in a non-executive capacity, ensuring a smooth and seamless handover.