Sri Lanka’s Central Bank Identifies Pro Care in Illegal Pyramid Scheme Activities

Sri Lanka’s Central Bank has identified Pro Care and Shade of Procare as engaging in illegal pyramid schemes under the Banking Act. A list of other associated companies has been disclosed, emphasizing the Bank’s commitment to combatting financial misconduct.

The Central Bank of Sri Lanka has recently announced that Pro Care (Pvt) Ltd. and Shade of Procare (Pvt) Ltd. are engaged in prohibited pyramid schemes under the Banking Act. This determination also extends to several other companies that the Bank has identified, while refraining from naming one particular firm due to an ongoing court order.

Included in the Central Bank’s list of prohibited schemes are:
1. Tiens Lanka Health Care (Pvt) Ltd
2. Best Life International (Pvt) Ltd
3. Mark – Wo International (Pvt) Ltd
4. V M L International (Pvt) Ltd
5. Fast3Cycle International (Pvt) Ltd
6. Sport Chain app and Sport Chain zs society Sri Lanka
7. OnmaxDT
8. MTFE App and associated groups
9. Fastwin (Pvt) Ltd
10. Fruugo Online App/Fruugo Online (Pvt) Ltd
11. Ride to Three Freedom (Pvt) Ltd
12. Qnet
13. Era Miracle (Pvt) Ltd and Genesis Business School
14. Ledger Block
15. Isimaga International (Pvt) Ltd
16. Beecoin App and Sunbird Foundation
17. Windex Trading
18. The Enrich Life (Pvt) Ltd
19. Smart Win Entrepreneur (Pvt) Ltd
20. Net Fore International (Pvt) Ltd/Netrrix.

In summary, the Sri Lankan Central Bank has declared Pro Care and Shade of Procare as participants in prohibited pyramid schemes. Moreover, the Bank has identified a variety of additional companies and applications implicated in similar activities, urging the public to be cautious when engaging with these organizations. This development underscores the importance of regulatory oversight in preventing financial fraud within the country.

Original Source: economynext.com