Central Bank names 8 pyramid scheme promotors, citing punishable offence

Reality Check
By Editor_1

COLOMBO – Sri Lanka’s central bank named eight entities for conducting prohibited pyramid schemes in the country.

Sri Lanka has prohibited pyramid schemes, a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products.

As recruiting multiplies, getting new members becomes a near impossible task, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.

The central bank in a statement reminded the public that participating in a pyramid scheme is a “punishable offence”.

“Based on complaints received by the Central Bank of Sri Lanka, investigations were conducted to ascertain whether the institutions conduct and/or have conducted schemes that are prohibited,” the central bank said, revealing that after the investigations, it had determined eight entities to be conducting and/or have conducted prohibited schemes in contravention of the provisions of the law.  The entities are Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd, Global Lifestyle Lanka (Pvt) Ltd., Mark-Wo International (Pvt) Ltd., V M L 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 initiates, offers, promotes, advertises, conducts, finances, manages or directs a scheme in contravention of the Banking Act shall be guilty of a punishable offence,” the statement said, noting that The punishments for such offence include imprisonment for a period not exceeding three years or a fine not exceeding one million rupees or both imprisonment and fine.

“Accordingly, the public is informed to refrain from such activities which may be punishable by law,” the central bank said. It also denied allegations of having reached some agreements with the institutions that have been determined as conducting/having conducted pyramid schemes.

-economynext.com

 

Editor_1
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