The Central Financial institution of Sri Lanka has issued a warning on eight MLM pyramid schemes.
Scams named within the Central Financial institution’s Could thirty first discover embrace:
- Tiens Lanka Well being Care, aka Tiens Worldwide, Tiens Group – Chinese language MLM firm focusing on third-world nations
- Greatest Life Worldwide – Moringa complement themed MLM firm
- World Way of life Lanka – multi-niche product vary MLM firm
- Mark-Wo Worldwide – seems to have collapsed (web site deserted), is perhaps being promoted offline
- VML Worldwide – seems to have collapsed and/or been deserted
- Quick 3Cycle Worldwide, aka F3C – collapsed early 2021
- Sport Chain App, aka Sports activities Chain ZS Society Sri Lanka – crypto rip-off
- OnmaxDT – crypto Ponzi scheme
Following investigations, the Central Financial institution has concluded that the above schemes function illegally in Sri Lanka.
Any one that straight or not directly initiates, provides, promotes, advertises, conducts, funds, manages or directs a scheme in contravention of the provisions of Part 83C of the Banking Act, No. 30 of 1988 shall be responsible of a punishable offence.
The punishments for such offence embrace imprisonment for a interval not exceeding three years or a superb not exceeding a million rupees or each imprisonment and superb.
The place the offence is dedicated willfully or knowingly, or with data that the act will trigger injury or hurt to every other particular person, he/she is liable to rigorous imprisonment for a time period not lower than three years and less than 5 years and to a superb of rupees two million or twice the mixture quantity in Sri Lanka forex revealed or divulged to have been obtained from the individuals within the Scheme, whichever is increased.
It seems promoters of the scams have been telling potential recruits that they’ve approval of the Central Financial institution. That is in fact baloney.
Additional, the Central Financial institution of Sri Lanka denies the declare of sure components of the society that it has reached some agreements with the establishments listed above which have been decided as conducting/having carried out pyramid schemes.
Accordingly, the Central Financial institution of Sri Lanka has requested the Hon. Lawyer Basic to contemplate instituting legal proceedings in time period of the provisions of Part 83C of the Banking Act.
If something additional comes of the Central Financial institution’s warning we’ll maintain you posted.