CB cautions public that participating in pyramid schemes punishable by law

• Lists out eight entities identified to have conducted prohibited schemes
• Says requested AG to consider instituting criminal proceeding against these entities 

The Central Bank yesterday cautioned the public against getting tangled in pyramid schemes, pointing out such activities are punishable by law.
Based on the investigations conducted upon complaints, the Central Bank has determined that the following entities conduct and/or have conducted prohibited schemes in contravention of the provisions of the law.
The eight entities are Tiens Lanka Health Care (Pvt.) Ltd, Best Life International (Pvt.) Ltd, Global Lifestyle Lanka (Pvt.) Ltd, Mark-Wo International (Pvt.) Ltd, V ML International (Pvt.) Ltd, Fast 3Cycle International (Pvt.) Ltd (F3C), Sport Chain App, Sports Chain ZS Society Sri Lanka and OnmaxDT. 

“Any person who directly or indirectly initiate, offer, promote, advertise, conduct, finance, manage or direct a prohibited type pyramid scheme in contravention to the provisions of Section 83C of Banking Act No. 30 of 1988 shall be a punishable offence,” the Central Bank said in a notice.
The punishment will be imprisonment for a period not exceeding three years or a fine not exceeding one million rupees or both imprisonment and fine.  
Further, the Central Bank denied having reached any agreement with the eight entities currently named as pyramid schemes, based on the investigations conducted.
The Central Bank said it requested the Attorney General (AG) to consider instituting criminal proceedings against these institutions, in terms of the provisions of Section 83C of the Banking Act.