The Central Bank of Sri Lanka has requested the Attorney General to initiate criminal proceedings against 3 prohibited pyramid schemes operating in the country.
That was after an investigation conducted after the Central Bank received a large number of public complaints about these prohibited schemes.
Accordingly, the Central Bank has taken legal action against the prohibited pyramid schemes namely Fast 3 Cycle International Pvt Ltd, Sport Chain App, Sport Chain ZS Society Sri Lanka, Onmax DT.
The Central Bank of Sri Lanka had conducted an investigation under Section 83 C of the Banking Act to find out whether the 3 institutions and their related parties were operating contrary to the Banking Act.
According to these investigation reports, it was determined that the above three institutions and their directors, promoters and founders have acted in violation of Section 83 C of the Banking Act.
Accordingly, a request has been forwarded to the Attorney General to consider transferring criminal proceedings under section 83 C of the Banking Act.
It has been revealed that these pyramid schemes have been implemented in violation of Section 83 C of the Banking Act No. 30 of 1988.
