Central Bank Issues Public Notice on Prohibited Pyramid Schemes

The Central Bank of Sri Lanka has announced that it has investigated and determined certain entities to be engaged in prohibited schemes under Section 83 (C) of the Banking Act, No. 30 of 1988, as amended.

Following its investigations, the Central Bank has identified Max App Media Ltd. along with its affiliated entities, Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd., as having conducted and promoted a prohibited scheme.

In addition, the Central Bank has ascertained and determined several other companies and apps as prohibited schemes under the same provisions of the Banking Act. Savers and the general public should take note of the following listed entities:

• Tiens Lanka Health Care (Pvt) Ltd
• Best Life International (Pvt) Ltd
• Mark – Wo International (Pvt) Ltd
• V M L International (Pvt) Ltd
• Global Lifestyle Lanka (Pvt) Ltd
• Fast3Cycle International (Pvt) Ltd
• Sport Chain app, Sport Chain zs society Sri Lanka
• OnmaxDT
• MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
• Fastwin (Pvt) Ltd
• Fruugo Oline App/ Fruugo Oline (Pvt) Ltd
• Ride to Three Freedom (Pvt) Ltd
• Qnet/ Questnet
• Era Miracle (Pvt) Ltd. And Genesis Business School
• Ledger Block
• Isimaga International (Pvt) Ltd
• Beecoin App and Sunbird Foundation
• Windex Trading
• The Enrich Life (Pvt) Ltd
• Smart Win Entrepreneur (Pvt) Ltd
• Net Fore International (Pvt) Ltd./ Netrrix
• Pro Care (Pvt) Ltd., Shade of Procare (Pvt) Ltd
• SGO/sgomine.com
• I.C.A.N. Advertising (Pvt) Ltd and its affiliated icanonlineadvertising.com/bannercuts.com/bannercuts.lk/bannercusts.net/bannercuts.org
• Infinity Rover (Pvt) Ltd
• TM App
• Max App Media Ltd. and its affiliated Max LK (Pvt) Ltd., Max Media Lanka (Pvt) Ltd.

Source: Central Bank of Sri Lanka, “Notice to General Public on Prohibited Pyramid Schemes - Max App Media Ltd.”