The Central Bank of Sri Lanka (CBSL) has ramped up efforts to combat the growing threat of prohibited financial schemes, which endanger financial stability and public welfare. Utilizing investigative powers under Section 83C (3) of the Banking Act, CBSL aims to address violations of Section 83C(1), which prohibits the promotion, financing, and management of such schemes.
CBSL is working closely with law enforcement authorities, sharing documents, records, and evidence obtained during investigations to prosecute offenders. Since 2011, CBSL has targeted 20 institutions for operating prohibited schemes, including Tiens Lanka Health Care Ltd., Best Life International Ltd., VML International Ltd., MTFE app-related entities, Qnet, and others. Investigations into several additional schemes are ongoing.
Some cases are currently before the courts, while others are under active investigation by law enforcement. To protect the public, CBSL has intensified public awareness campaigns on the risks of engaging in fraudulent schemes. These programs leverage multiple platforms to ensure wide reach and effectiveness:
Digital Media: CBSL provides 24/7 access to information on prohibited schemes through its official website and online publications.
Press Notices: Regular press releases highlight the dangers of such schemes and offer practical guidance to avoid them, reaching diverse audiences via various media channels.
Awareness Sessions: In 2023 and 2024, CBSL conducted over 700 sessions, engaging more than 50,000 participants. These sessions, held across regional and head offices, emphasize financial literacy and direct public engagement.
Social Media Collaboration: To target younger, tech-savvy demographics, CBSL partnered with social media influencers who shared educational content and personal experiences to amplify awareness.
CBSL remains steadfast in its mission to safeguard public interests and ensure the stability of the financial sector. It underscores the need for ongoing vigilance, cooperation among stakeholders, and robust legal action against wrongdoers to maintain economic stability and public trust.
Recognising the impact of social media, CBSL partnered with prominent social media influencers to amplify its message. These influencers shared informative content and personal testimonials, effectively reaching younger, tech-savvy audiences.
Accordingly, CBSL remains committed in its undertaking to protect the public from engaging in prohibited schemes and ensure the integrity of the financial sector. The Bank emphasises the importance of continued vigilance and cooperation among all stakeholders in safeguarding the public interest and maintaining economic and financial system stability
