CBSL names 20 institutions being investigated over prohibited schemes
December 20, 2024 10:30 am
The Central Bank of Sri Lanka (CBSL) has initiated proactive measures to address the alarming increase in prohibited schemes, which poses risks to the financial system stability and protection of the general public from such schemes.
These measures include conducting investigations under Section 83C(3) of the Banking Act to identify individuals or entities that have contravened or may contravene the provisions of Section 83C(1), which prohibits the initiation, promotion, advertisement, conduct, financing, management, or direction of such schemes.
By using its investigative powers CBSL aims to effectively identify and mitigate violations, thereby safeguarding the integrity of the financial sector and protecting the public, said CBSL in a statement.
Additionally, CBSL has provided law enforcement authorities with information, documents, books, and records obtained during these investigations, supporting the prosecution of those violating Section 83C(1).
Since 2011, CBSL has been closely investigating the following 20 institutions involved in prohibited schemes, and there are currently several other schemes under investigation:
1. Tiens Lanka Health Care (Pvt) Ltd
2. Best Life International (Pvt) Ltd
3. Mark-Wo International (Pvt) Ltd
4. V M L International (Pvt) Ltd
5. Fast3Cycle International (Pvt) Ltd
6. Sport Chain App, Sport Chain ZS Society Sri Lanka
7. Onmax DT
8. MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
9. Fastwin (Pvt) Ltd
10. Fruugo Online App/Fruugo Online (Pvt) Ltd
11. Ride to Three Freedom (Pvt) Ltd
12. Qnet
13. Era Miracle (Pvt) Ltd and Genesis Business School
14. Ledger Block
15. Isimaga International (Pvt) Ltd
16. Beecoin App and Sunbird Foundation
17. Windex Trading
18. The Enrich Life (Pvt) Ltd
19. Smart Win Entrepreneur (Private) Limited
20. Net Fore International (Private) Limited / Netrrix
Some of the matters are now before the courts and other matters are currently being investigated by law enforcement authorities with a view to filing actions, it added.
Therefore, in order to safeguard public from the risks of prohibited schemes, CBSL has continued to implement comprehensive public awareness programmes to educate the public regarding the dangers of engaging in these prohibited schemes while reporting to the relevant law enforcement authorities to institute legal actions against wrongdoers.
