⚠️ CBSL Issues Warning on Prohibited Pyramid Schemes

The Central Bank of Sri Lanka (CBSL) has issued an official warning following investigations that determined TM App and numerous other entities have conducted and promoted prohibited schemes under Section 83 (C) of the Banking Act, No. 30 of 1988. • Regulatory Finding: CBSL confirmed that TM App engaged in illegal pyramid scheme operations. • List of Prohibited Entities & Apps: - Digital Apps & Crypto: TM App, OnmaxDT, MTFE App (including MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group), Sport Chain, Beecoin App, SGO/sgomine.com, Ledger Block, and Fruugo Oline App. - Network Marketing & Business Entities: Qnet/Questnet, Best Life International (Pvt) Ltd, Tiens Lanka Health Care (Pvt) Ltd, Global Lifestyle Lanka (Pvt) Ltd, Fast3Cycle International, Fastwin, Era Miracle & Genesis Business School, Windex Trading, The Enrich Life, Smart Win Entrepreneur, Net Fore International/Netrrix, Pro Care / Shade of Procare, Ride to Three Freedom, Isimaga International, Infinity Rover, Mark – Wo International, V M L International, and I.C.A.N. Advertising (and affiliates). • Economic Context: Promoting, facilitating, or participating in these banned schemes is strictly illegal, aimed at protecting public savings and preserving stability across Sri Lanka's financial sector.