Central Bank (CBSL) yesterday said it has taken proactive measures to address the alarming increase in prohibited schemes under Section 83(C) of the Banking Act No 30 of 1988, as amended
“These initiatives include conducting investigations under Section 83C(3) of the Banking Act to determine whether individuals or entities have contravened or are likely to contravene the provisions of Section 83C(1) of the Banking Act. Section 83C(1) of the Banking Act prohibits activities related to the initiation, offering, promotion, advertisement, conduct, financing, management, or direction of prohibited schemes, CBSL said in a press release.
CBSL has aimed to identify and mitigate such violations effectively, safeguarding both the integrity of the financial sector and interests of the public.
In addition CBSL has provided information, documents, books and records obtained during investigations conducted under Section 83C(3) of the Banking Act to law enforcement authorities. CBSL has also collaborated closely with these law enforcement authorities to prosecute individuals or entities violating the provisions of Section 83C(1) of the Banking Act, particularly concerning the following 20 institutions since 2011 and currently, there are several other schemes being investigated.
Some of the schemes are Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd , Mark-Wo International (Pvt) Ltd , V M L International (Pvt) Ltd, Fast3Cycle International (Pvt) Ltd , Sport chain app, Sport chain zs society Sri Lanka ,Onmax DT, MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group, Fastwin (Pvt) Ltd, Fruugo Oline App/Fruugo Oline (Pvt) Ltd, Ride to Three Freedom (Pvt) Ltd, Qnet , Era Miracle (Pvt) Ltd and Genesis Business School, Ledger Block, Isimaga International (Pvt) Ltd. ,Beecoin App and Sunbird Foundation, Windex Trading , The Enrich Life (Pvt) Ltd ,Smart Win Entreprenuer (Private) Limited and Net Fore International (Private) Limited / Netrrix
“Some of the matters are now before the courts and other matters are currently being investigated by law enforcement authorities with a view to filing actions. Therefore, in order to safeguard public from the risks of prohibited schemes, CBSL has continued to implement comprehensive public awareness programmes to educate the public regarding the dangers of engaging in these prohibited schemes.
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