The Central Bank of Sri Lanka (CBSL) has cautioned the public against falling victim to pyramid schemes that promise easy riches and quick profits through online trading of goods and virtual currencies. These schemes, often marketed as effortless ways to make money, have been identified as illegal under Sri Lankan law.
The CBSL has taken notice of several companies operating such pyramid schemes and has publicly alerted citizens through various media channels. However, it’s important to note that the list of identified companies is not exhaustive, as the CBSL continues to investigate potential pyramid schemes.
Promoters of these schemes frequently employ attention-grabbing tactics, including sponsoring popular public events and leveraging promotion codes or organizational codes for enrollment. These tactics are designed to lure unsuspecting participants into their schemes.
Pyramid schemes operate on offers such as to make “easy money” or “online profit through trading goods/virtual currencies” to make you rich quickly without much effort.
Accordingly, the public is advised to be alert and refrain from directly or indirectly being involved in pyramid schemes which could be punishable by law.