Central Bank of Sri Lanka blacklists multiple entities for pyramid schemes

The Central Bank of Sri Lanka (CBSL) has issued a public warning and blacklisted numerous companies, digital applications, and organizations for operating prohibited pyramid schemes. The action follows investigations into Max App Media Ltd, Max LK (Pvt) Ltd, and Max Media Lanka (Pvt) Ltd, which were found to have operated or promoted schemes prohibited under Section 83(C) of the Banking Act No. 30 of 1988.

In addition to the Max App Media group, the regulator identified dozens of other entities as prohibited schemes. The list includes various businesses and mobile applications such as Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd, Fast3Cycle International (Pvt) Ltd, Qnet/Questnet, and several others including the MTFE group and Fruugo Oline App. The CBSL has advised the public to avoid engaging with these identified entities.