The Central Bank of Sri Lanka (CBSL) has announced that it has determined several companies and apps to be prohibited pyramid schemes under Section 83C of the Banking Act, No. 30 of 1988, as amended.
Following investigations, the CBSL confirmed that I.C.A.N Advertising (Pvt) Ltd and its affiliates, including icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net, and bannercuts.org, have engaged in, conducted, and promoted a prohibited scheme.
The Central Bank further listed the following entities as prohibited schemes:
- Tiens Lanka Health Care (Pvt) Ltd
- Best Life International (Pvt) Ltd
- Mark – Wo International (Pvt) Ltd
- V M L International (Pvt) Ltd
- Global Lifestyle Lanka (Pvt) Ltd
- Fast3Cycle International (Pvt) Ltd
- Sport Chain app, Sport Chain zs society Sri Lanka
- OnmaxDT
- MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
- Fastwin (Pvt) Ltd
- Fruugo Oline App / Fruugo Oline (Pvt) Ltd
- Ride to Three Freedom (Pvt) Ltd
- Qnet / Questnet
- Era Miracle (Pvt) Ltd and Genesis Business School
- Ledger Block
- Isimaga International (Pvt) Ltd
- Beecoin App and Sunbird Foundation
- Windex Trading
- The Enrich Life (Pvt) Ltd
- Smart Win Entrepreneur (Pvt) Ltd
- Net Fore International (Pvt) Ltd / Netrrix
- Pro Care (Pvt) Ltd, Shade of Procare (Pvt) Ltd
- SGO / sgomine.com
- I.C.A.N Advertising (Pvt) Ltd and its affiliates (icanonlineadvertising.com / bannercuts.com / bannercuts.lk / bannercuts.net / bannercuts.org)
The CBSL urged the public to remain vigilant and avoid engaging with these entities, reiterating that pyramid schemes are prohibited under Sri Lankan law. (Newswire)