The Central Bank of Sri Lanka (CBSL) has completed investigations into numerous companies suspected of engaging in activities prohibited under Section 83(C) of the Banking Act, No. 30 of 1988 (as amended). Following its inquiries, CBSL has identified 21 entities involved in illegal financial schemes, warning the public to avoid engaging with these organizations.
The companies named in the investigation include Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd, Mark – Wo International (Pvt) Ltd, VML International (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 Online App/Fruugo Online (Pvt) Ltd, Ride to Three Freedom (Pvt) Ltd, Qnet, 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, and Net Fore International (Pvt) Ltd/Netrrix. However, one company’s name has been withheld due to a court order preventing its disclosure.
The CBSL cautions the public to exercise vigilance and avoid involvement with financial schemes that promise unrealistically high returns or operate outside the legal framework. Many of these entities are believed to engage in unauthorized banking activities, pyramid schemes, or other fraudulent practices designed to exploit public trust.
CBSL advises individuals to verify the legitimacy of any company offering financial services or investments and to report suspicious activities immediately. The authorities emphasize the need for public cooperation to combat these schemes and protect the financial well-being of individuals and the stability of the economy.
For further information or to report suspected illegal activities, the public is encouraged to contact the CBSL’s Financial Consumer Relations Department. The Central Bank remains committed to identifying and addressing such violations to maintain transparency and safety in Sri Lanka’s financial system.
