INSUBCONTINENT EXCLUSIVE:
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
MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group9
Fruugo Online App/Fruugo Online (Pvt) Ltd11
Ride to Three Freedom (Pvt) Ltd12
Period Miracle (Pvt) Ltd and Genesis Business School14
Isimaga International (Pvt) Ltd16
Beecoin App and Sunbird Foundation17
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.
