Sri Lanka's Central Bank has identified the TM App as operating an illegal pyramid scheme and added it to an updated list of 26 prohibited entities under the Banking Act.
The Central Bank of Sri Lanka has determined that the TM App constitutes a prohibited pyramid scheme under Section 83(C) of the Banking Act, No. 30 of 1988. Following an investigation, the financial regulator issued a public notice on August 5 formally adding the application to its list of banned entities.
The TM App joins 25 other companies and applications on the Central Bank's prohibited list. Other entities named include established names in Sri Lanka's financial landscape such as Qnet/Questnet, MTFE, OnmaxDT, Fruugo Online, Beecoin App, Windex Trading, Smart Win Entrepreneur, and Infinity Rover (Pvt) Ltd.
The Financial Consumer Relations Department of the Central Bank issued the warning to alert the public about ongoing pyramid scheme operations within the country. The notice serves as an advisory to citizens to avoid participation in these schemes, which operate illegally under Sri Lankan financial regulations.
