CBSL reiterates OnmaxDT & MTFE are pyramid schemes



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.


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