The Central Bank of Sri Lanka (CBSL) has extended its list of prohibited pyramid schemes to 27, following the addition of Max App Media Ltd. and its affiliated companies.
In a statement issued today (28), the CBSL announced that investigations had determined that Max App Media Ltd., together with its affiliates Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd., had engaged in, conducted and promoted a prohibited pyramid scheme.
The determination was made under Section 83(C) of the Banking Act, No. 30 of 1988, as amended.
Accordingly, the newly identified companies have been added to the Central Bank’s list of prohibited pyramid schemes, bringing the total number of companies and applications identified to 27.
The list also includes several previously identified entities, such as Tiens Lanka Health Care (Pvt) Ltd., Best Life International (Pvt) Ltd., Sport Chain, OnmaxDT, MTFE, Fastwin (Pvt) Ltd., Qnet/Questnet, Ledger Block, Beecoin App and TM App.
The Central Bank has published the updated list in a public notice issued through its Financial Consumer Relations Department, identifying the companies and applications determined to be prohibited schemes under the Banking Act. (Newswire)
