Central Bank flags prohibited ‘pyramid’ schemes

The Central Bank, under the amended Section 83 (C) of the Banking Act, No. 30 of 1988, has investigated, ascertained and determined that “SGO/sgomine.com” has engaged, conducted and promoted a prohibited scheme, the banking regulator announced on Thursday.

Further, the following 22 companies/apps have also been ascertained and determined as prohibited schemes:

Tiens Lanka Health Care (Pvt) Ltd; Best Life International (Pvt) Ltd 3; 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, 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; and. Pro Care (Pvt) Ltd., Shade of Procare (Pvt) Ltd.