Mr. Ranjith Siambalapitiya, the State Minister for Finance, has announced that measures will be implemented to prosecute both organizations and individuals who have engaged in pyramid schemes under criminal law.
Currently, the government has taken steps to deal with pyramid schemes that appear in Sri Lanka in different ways and mislead the people on a large scale, under a strict legal framework.
Accordingly, the Central Bank of Sri Lanka is working to inform the people about pyramid schemes by investigating the complaints received from the people caught in such rackets.
Recently, the Central Bank had announced about several such pyramid institutions.
Recently, the Central Bank of Sri Lanka has received many public complaints that many schemes operating through online systems are misleading investors to make money deposits/investments by presenting the following facts in order to justify the schemes.
- The Investor Fund Scheme is protected in accordance with the Central Bank of Sri Lanka regulations.
- The scheme pays the relevant taxes to the government.
- In order to recover the money of the participants of the scheme they have to pay income tax to the Central Bank of Sri Lanka from their personal money, and if they do not, their funds will be withheld by the Central Bank of Sri Lanka.
- These schemes are discussed with the Central Bank of Sri Lanka.
The Central Bank of Sri Lanka strongly rejects the above statements and informs the public that these statements have no truth.
A list of institutions licensed and regulated by the Central Bank of Sri Lanka is given on the website of the Central Bank of Sri Lanka and the Department of Foreign Exchange website and can be accessed through the following links.
Authorized Financial Institutions Department of Foreign Exchange