The Central Bank of Sri Lanka has identified and publicly warned against 26 companies and applications operating as illegal pyramid schemes, urging citizens to avoid investment in entities using recruitment-based models.

The Central Bank of Sri Lanka (CBSL) has released a formal notice cautioning the public against participating in numerous organizations classified as prohibited pyramid schemes under the Banking Act. The warning follows investigations conducted under the legal framework governing financial regulation in the country.

The CBSL identified a total of 26 entities operating as prohibited schemes, including companies such as Tiens Lanka Health Care, Best Life International, Fast3Cycle International, and multiple digital applications including TM App, Sport Chain App, and Fastwin. The regulator determined that these organizations had engaged in promotional activities characteristic of pyramid schemes, which rely on recruitment-based income models rather than legitimate product sales or services.

The Central Bank emphasized the importance of public vigilance when evaluating investment opportunities. Citizens are advised to scrutinize any scheme offering unrealistic financial returns or requiring recruitment of additional participants as a condition for earning income. The CBSL recommended that individuals verify the legitimacy of any investment opportunity through official channels before committing funds, in order to protect themselves from potential financial losses.

The comprehensive list released by the monetary authority includes both registered companies and mobile applications, reflecting the diverse methods through which such schemes operate in the contemporary financial landscape. The public notice serves as an official record of entities against which authorities have taken regulatory action.