Criminal action against schemes sanctioned by Central Bank

The Central Bank of Sri Lanka (CBSL) has requested the Attorney General to consider taking criminal action against three banned pyramid schemes operating in the country.

Accordingly, the Central Bank of Sri Lanka has conducted investigations to ascertain whether Fast 3Cycle International (Pvt) Ltd (F3C), Sport Chain App, Sports Chain ZS Society Sri Lanka and OnmaxDT have violated the provisions of Section 83C of the Banking Act.

The Central Bank of Sri Lanka has determined that the three companies involved and the directors, founders and promoters of those companies have operated prohibited schemes contrary to the provisions of the said Act.