The Central Bank of Sri Lanka (CBSL) has determined that the “TM App” has engaged in, conducted and promoted a prohibited pyramid scheme under Section 83(C) of the Banking Act, No. 30 of 1988, as amended.
In a public notice issued on August 5, the Central Bank said its investigation found the TM App to be operating as a prohibited scheme. The app has now been added to the list of entities determined to be prohibited under the Banking Act.
The updated list now includes 26 companies and applications, among them Qnet/Questnet, MTFE, OnmaxDT, Fruugo Oline, Beecoin App, Windex Trading, Smart Win Entrepreneur, Infinity Rover (Pvt) Ltd, and TM App.
The notice was issued by the Financial Consumer Relations Department of the Central Bank, warning the public about prohibited pyramid schemes operating in Sri Lanka. (Newswire)