Institutions, individuals operating pyramid schemes to be dealt under criminal law

27 August 2023 11:06 am Views - {{hitsCtrl.values.hits}} 6

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Measures are being taken to implement actions under the criminal law against the institutions and individuals who are operating pyramid schemes, State Minister of Finance Ranjith Siyambalapitiya said.

He said that pyramid schemes are not businesses and as it is a crime, the organizations and individuals involved in pyramid schemes will be punished under the criminal law.

Speaking to the media in Dehiowita, the State Minister said that although the Central Bank has prohibited these illegal schemes according to the Banking Act No. 30 of 1988, the criminal law will be applicable for such crimes beyond the Act.

Accordingly, the Minister said that the Attorney General will be informed and the complaints in this regard will be forwarded to the police and the Criminal Investigation Department and cases will be filed under criminal laws against these deceptive companies and the persons who led.

He said a large number of people are being victims of these scams over temporary benefits despite the warning by the Central Bank.(Darshana Sanjeewa Balasuriya)

Comments - 6

Nimal Sunday, 27 August 2023 11:31 AM

Most of our people have only heard about pyramid schemes. But, there are advance payment schemes, phising schemes and Ponzi schemes operating in the country, targeting especially the gullible peasants from remote areas under various guises. A notable location is Galenbindunuwewa, where the innocent people have been robbed of billions of rupees. When the cussed Central Bank takes any action it is far too late and too little. The horses , or more precisely, the tricksters, have already bolted.

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LankanLover Sunday, 27 August 2023 11:54 AM

why the CBSL did not take necessary action on time? now it is too late, some of my friends has lost in millions already despite of the warning.

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Chryshan Sunday, 27 August 2023 11:57 AM

We have even some leading banks like NTB operating pyramid schemes to handle credit card pending balances. I have an instance one of their managers it self told that the interest is charged based on pyramid scheme.

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Sivalingam Sunday, 27 August 2023 02:07 PM

Start with Cabraal for Gold Quest and Nandalal for Bond scam as the deputy of Arjuna Mahendran. Both for EPF scams.

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Kandiah Balendran Sunday, 27 August 2023 02:08 PM

Biggest crooks are in the Central bank according to the best finance minister of Asia.

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Cecil Hedwige Monday, 28 August 2023 08:32 AM

What about taking action on Kotalawala's Golden Key and returning the balance money due to us/

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