Pyramid Type Prohibited Schemes – Notice to General Public from Central Bank

Pyramid Type Prohibited Schemes – Notice to the General Public from the Central Bank of Sri Lanka (CBSL)

The Central Bank of Sri Lanka (CBSL) received several complaints indicating that entities conduct and/or have conducted scheme/s prohibited in terms of section 83C of the Banking Act No. 30 of 1988.

Therefore, the CBSL commenced investigations in terms of section 83C of the Banking Act, No. 30 of 1988 to ascertain whether the below three entities violate and/or have violated the provisions of section 83C of the Banking Act, No. 30 of 1988.

(i) Fast 3Cycle International (Pvt) Ltd (F3C)
(ii) Sport Chain App, Sports Chain ZS Society Sri Lanka
(iii) OnmaxDT

In relation to the examination conducted under Section 83C of the Banking Act, No 30 of 1988, the Central Bank of Sri Lanka has determined that the above three entities and Directors, Founders, and Promoters of the above three entities conduct and/or have conducted prohibited schemes in contravention to the provisions of section 83C of the said Act.

Accordingly, the Central Bank of Sri Lanka has requested Hon. Attorney General to consider instituting criminal proceedings in terms of the provisions of Section 83C of the Banking Act.