CBSL to take legal action on pyramid-type schemes
The Central Bank of Sri Lanka (CBSL) is to take legal action on pyramid-type schemes operating in Sri Lanka.
CBSL has requested the Attorney General to take steps to file legal action against such schemes.
The CBSL has launched an investigation into Fast 3Cycle International (Pvt) Ltd (F3C), Sport Chain App, Sports Chain ZS Society Sri Lanka and the OnmaxDT saying they have violated the provisions of 83C of the Banking Act.
The CBSL has determined that the three entities and Directors, Founders and Promoters of those entities have conducted prohibited schemes in contravention of the provisions of the said Act. (Colombo Gazette)
