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Who’s toying with CBSL laws on pyramid schemes?  

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Praseli Suraj and Mayura Dilshan, who had invested money in Onmax DT, which the Central Bank of Sri Lanka (CBSL) has designated as a pyramid scheme, have told the ‘Truth with Chamuditha’ YouTube channel that the same company has been registered in Australia under the same name.

They have said this amidst the Central Bank announcing that investing money in pyramid schemes is a punishable offence under the Banking Act No. 30 of 1988.

Meanwhile, both Praseli and Mayura claimed that Onmax DT Private Company registered in Sri Lanka, which has been declared a pyramid scheme following a Central Bank investigation, is not a pyramid scheme.

They have said this while a case is pending in the Colombo High Court.

Their remarks also challenge the order given by Colombo Chief Magistrate Prasanna Alwis directing an American company named ‘Binance.com’, which had invested in OnmaxDT Pvt. Company accused of earning USD 100 million through illegal pyramid schemes, to freeze eight accounts of the company.

Meanwhile, the Magistrate imposed a travel ban on six directors of the Onmax DT, Sampath Sandaruwan, Athula Indika Sampath, Gayashan Abeyratne, Madhuranga Prasanna, Saranga Randika, and Dhananjaya Jayan.

The persons identified as the directors of Onmax DT Private Company registered in Sri Lanka are said to be the ones who introduced the Australian company to Sri Lanka, and they also said that their company is a real estate company.

Mayura is also an activist in Best Life, another company named as a pyramid scheme by the Central Bank.

They alleged that the Central Bank has banned Onmax DT without any investigation.

Remarks made by Central Bank Governor Dr. Nandalal Weerasinghe on pyramid schemes

The two said the Australian Onmax DT continues its operations.

They are challenging the law in this manner even though the Central Bank has made a request to the Attorney General to file criminal cases against three prohibited pyramid schemes including Onmax DT.

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No justification for coconut oil price hike – Coconut Development Authority

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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Coconut oil price upped

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The price of a litre of coconut oil has been increased by more than Rs. 100, the National Consumer Front (NCF) has said.

NCF Chairman Asela Sampath said that the price of a litre of coconut oil has been increased by between Rs. 180 and Rs. 200. 

Accordingly, the current retail price of a coconut oil litre is Rs. 550.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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