Participating in pyramid schemes is a punishable offence, the Central Bank of Sri Lanka (CBSL) reiterated in a new statement.
According to the statement, the CBSL has taken steps to ban nine identified institutions so far.
Accordingly, the CBSL has determined that these entities conduct and/or have conducted prohibited schemes in contravention of the provisions of Section 83C of the Banking Act No. 30 of 1988.
Any person who directly or indirectly initiates, offers, promotes, advertises, conducts, finances, manages or directs a scheme in contravention of the provisions of the Banking Act shall be guilty of a punishable offence, it said.
Meanwhile, the Central Bank rejected the claim of certain elements that it has reached some agreements with the nine institutions which have been determined as conducting/having conducted pyramid schemes.
Accordingly, the CBSL has requested the Attorney General to consider instituting criminal proceedings in terms of the provisions of Section 83C of the Banking Act against these institutions.
The nine institutions are:
1. Tiens Lanka Health Care (Pvt) Ltd. 2. Best Life International (Pvt) Ltd. 3. Global Lifestyle Lanka (Pvt) Ltd. 4. Mark-Wo International (Pvt) Ltd. 5. V. M. L. International (Pvt) Ltd. 6. Fast 3Cycle International (Pvt) Ltd (F3C) 7. Sport Chain App, Sports Chain ZS Society Sri Lanka 8. OnmaxDT 9. MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt) Ltd and MTFE DSCC Group (Pvt)Ltd.
The Ceylon Electricity Board (CEB) says power outages have been reported in several areas including Colombo, due to strong winds that affected the region last night (May 29).
CEB media spokesperson Dhammika Wimalaratne stated that teams have been deployed to promptly restore power in the affected areas.
The CEB has requested the public to report any power outages via the 1987 hotline or the CEB Assist mobile app.
The Colombo Chief Magistrate’s court yesterday (May 29) ordered to remand an inebriated air passenger who had sexually assaulted a flight attendant onboard.
The passenger, a 49-year-old ship captain named Kanagasabhapathi Kushanthan, was accused of sexually assaulting a South African flight attendant while being intoxicated on the flight.
Colombo Chief Magistrate Thanuja Lakmali ordered the suspect, a resident of Vatukotai, Jaffna, to be remanded until June 05.
Katunayake Airport Police OIC – CI Elmo Malcolm Pate, informed the court that the suspect was intoxicated when he sexually assaulted a 39-year-old South African flight attendant on Emirates flight EK 650 from Dubai.
Police informed the court that the flight attendant reported the incident to the pilot, and the suspect was arrested upon landing at Katunayake Airport.
Police stated that the suspect was examined by the Negombo Judicial Medical Officer, who confirmed he was intoxicated, before being presented to the Colombo Chief Magistrate’s Court.
Several areas in and around Colombo sustained significant damage last night (May 29) as strong winds swept through the city, toppling trees and disrupting traffic movement.
Large trees were reported to have fallen along the Colombo–Galle Road, especially between Kollupitiya and Wellawatte, with similar incidents also occurring in other parts of the city, including Grandpass.
In one of the most severe incidents, a massive tree collapsed on St. Joseph’s Road in Grandpass, causing damage to at least six nearby houses.