Central Bank cautions against deceptive online schemes misleading investors with false claims

The Central Bank yesterday said it has received many public complaints indicating that some schemes operating through online platforms are misleading investors by implying they operate within the country’s legal boundaries.
It said these schemes mislead investors into depositing/investing money with them by stating that they are protecting investors’ funds by adhering to Central Bank regulations.
 They also claim they are paying the relevant taxes to the government and the participants of the scheme have to pay a personal income tax from their funds to the Central Bank in order to withdraw funds, and if not their funds would be frozen by the Central Bank.
 These schemes further claim that they had discussions with the Central Bank.
 “CBSL strongly denies the above statements and wishes to inform the public that there is no truth in these statements,” the Central Bank said in a brief statement.
It also noted that the list of institutions licensed and regulated by CBSL is included in the CBSL website and the website of the Foreign Exchange Department. 

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“CBSL advises the public to be vigilant and alert of these types of schemes.  Further, CBSL advises the public not to engage with or invest in such schemes as the public is likely to lose hard earned money being involved with such schemes,” the statement cautioned.