Pyramid schemes; more illegal companies to be named
The Central Bank (CB) has partnered with international organisations to combat unlawful deposit-taking and pyramid schemes, officials said.
“We have collaborated with Blockchain ecosystem and cryptocurrency infrastructure provider and Binance to combat these types of schemes,” CB Governor Dr. Nandalal Weerasinghe told the media at a Post Monetary Policy Review meeting on Thursday in Colombo.
Separately, CB officials told the Business Times that the Financial Intelligence Unit, the money laundering, and terrorist financing combating arm of CB, is conducting probes and is consulting with international agencies to combat this menace.
Binance officials told the Business Times recently that they are joining hands with local state and private sector universities and colleges in empowering and educating the local student bodies on heightened knowledge of blockchain technology and web3 transformation.
CB Assistant Governor P. Sirikumara said that during Wednesday and Thursday alone, more than 100 emails were received complaining about fraudulent schemes and now there are complaints about such schemes, operating through online platforms. “Now the schemes have elevated into dealing in virtual currencies and fake account wallets,” he added. He urged the consumers to get in touch with CB if there are any doubts.
He added that some of the banned institutions in pyramid schemes are re-emerging with different names and slightly different models of the same schemes.
These schemes have been misleading investors by making false claims to attract deposits and investments, he said noting that these are unlawful schemes saying that one should exercise extreme caution before engaging with them. The official said that one of the schemes called MTFE had crashed in Nigeria.
He added that the CB is amidst many probes and very soon more names of illegal deposit-taking institutions and pyramid schemes will be published in the media.
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