The Central Bank of Sri Lanka (CBSL) has actually initiated proactive steps to deal with the disconcerting boost in prohibited plans, which poses dangers to the financial system stability and security of the public from such schemes.These procedures consist of conducting examinations under Section 83C( 3) of the Banking Act to recognize people or entities that have actually contravened or may contravene the provisions of Section 83C( 1 ), which forbids the initiation, promo, ad, conduct, funding, management, or direction of such schemes.By using its investigative powers CBSL aims to efficiently recognize and alleviate infractions, consequently safeguarding the stability of the monetary sector and safeguarding the public, said CBSL in a statement.Additionally, CBSL has actually provided police authorities with info, documents, books, and records obtained throughout these examinations, supporting the prosecution of those breaking Section 83C( 1 ).
Given that 2011, CBSL has actually been closely investigating the following 20 organizations involved in restricted plans, and there are currently several other plans under investigation:1.
Tiens Lanka Health Care (Pvt) Ltd2.
Best Life International (Pvt) Ltd3.
Mark-Wo International (Pvt) Ltd4.
V M L International (Pvt) Ltd5.
Fast3Cycle International (Pvt) Ltd6.
Sport Chain App, Sport Chain ZS Society Sri Lanka7.
Onmax DT8.
MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group9.
Fastwin (Pvt) Ltd10.
Fruugo Online App/Fruugo Online (Pvt) Ltd11.
Ride to Three Freedom (Pvt) Ltd12.
Qnet13.
Period Miracle (Pvt) Ltd and Genesis Business School14.
Journal Block15.
Isimaga International (Pvt) Ltd16.
Beecoin App and Sunbird Foundation17.
Windex Trading18.
The Enrich Life (Pvt) Ltd19.
Smart Win Entrepreneur (Private) Limited20.
Net Fore International (Private) Limited/ NetrrixSome of the matters are now before the courts and other matters are presently being examined by police authorities with a view to filing actions, it added.Therefore, in order to secure public from the threats of prohibited plans, CBSL has continued to implement comprehensive public awareness programs to inform the public relating to the dangers of engaging in these forbidden plans while reporting to the relevant police authorities to institute legal actions versus wrongdoers.