Friday, June 14, 2024

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Pyramid schemes a ‘social virus’, public should be warned: Finance State Minister

By: Isuru Parakrama

Colombo (LNW): Pyramid schemes, which are prohibited in Sri Lanka under Section 83(C) of the Banking Act No. 30 of 1988, have become a ‘social virus’ and the public should refrain from engaging with, or getting involved in such activities, warned Finance State Minister, speaking to reporters in Kegalle yesterday (13).

The Minister emphasised that existing laws need to be updated and severe penalties need to be imposed against these harmful practices, and warned the public not to get involved in such activities.

“Pyramid schemes are not legal in any way. We as educated citizens of this country have a duty to refrain from engaging in such activities. This is a ‘social virus’ in one way,” Siyambalapitiya told the reporters.

He added: “We already have enough problems, so we don’t want any new ones. People who get involved in such schemes eventually fall into trouble, so we don’t need that to happen at a time where we are already facing a crisis.”

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