July 02, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has expanded its list of entities identified as operating prohibited pyramid schemes, adding Infinity Rover (Pvt) Ltd following the conclusion of a formal investigation.
In a statement, the CBSL said the company had been found to have engaged in, operated and promoted a scheme prohibited under Section 83(C) of the Banking Act, No. 30 of 1988, as amended. As a result, the institution has revised its official list of organisations and digital platforms determined to be in violation of the law.
The Central Bank reiterated that participation in pyramid schemes carries significant financial risks and reminded the public to exercise caution before investing in businesses that promise unusually high or guaranteed returns, particularly those that rely on recruiting new members rather than legitimate commercial activity.
With the latest addition, the number of entities identified by the CBSL as prohibited pyramid schemes has risen to 25. The updated list comprises:
- 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 and 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 and Shade of Procare (Pvt) Ltd
- SGO / sgomine.com
- I.C.A.N. Advertising (Pvt) Ltd and its affiliated platforms – icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org
- Infinity Rover (Pvt) Ltd