CBSL bans 9 pyramid schemes including OnmaxDT and MTFE SL Group

The Central Bank of Sri Lanka (CBSL) has banned 9 entities including the OnmaxDT and MTFE SL Group that have conducted pyramid schemes which are prohibited in the country.

In a post published on social media platform X, formerly known as Twitter, the CBSL warned against participating in pyramid schemes, deeming it a punishable offence.

“Any person, who directly or indirectly initiates, offers, promotes, advertises, conducts, finances, manages or directs a prohibited type of pyramid scheme shall be guilty of punishable offence.”

Further, the CBSL denied the claims in circulation that it has reached some agreements with these banned entities.

The CBSL further mentioned that it has requested the Attorney General to consider instituting criminal proceedings in term of the provisions of Section 83C of the Banking Act.

Accordingly, the following 9 entities are banned by the CBSL for conducting prohibited schemes:

01. Tiens Lanka Health Care (Pvt). Ltd.
02. Best Life International (Pvt). Ltd.
03. Global Lifestyle Lanka (Pvt). Ltd.
04. Mark-Wo International (Pvt). Ltd.
05. VML International (Pvt). Ltd.
06. Fast 3Cycle Internatioal (Pvt). Ltd. (F3C)
07. Sport Chain App, Sports Chain ZS Society Sri Lanka
08. OnmaxDT
09. MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt). Ltd. and MTFE DSCC Group (Pvt). Ltd.