Sri Lanka Regulator Bans TM App for Prohibited Pyramid Scheme

Sri Lanka regulator bans TM App for prohibited pyramid scheme

ECONOMYNEXT – TM App has engaged, conducted and promoted a prohibited scheme, Sri Lanka’s central bank has said issuing a public notice on prohibited pyramid schemes. “In terms of Section 83 (C) of the Banking Act, No. 30 of 1988, as amended, the Central Bank of Sri Lanka has conducted an investigation, ascertained and determined that “TM App” has engaged, conducted and promoted a prohibited scheme.” Companies/apps that have been ascertained and…

Central Bank warns public against prohibited pyramid schemes

Central Bank warns public against prohibited pyramid schemes

Central Bank Warns Public Against Investing in 26 Prohibited Pyramid Schemes - LNW Lanka News Web

August 06, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has renewed its warning to the public over a number of companies and mobile applications identified as prohibited pyramid schemes under the provisions of the Banking Act, No. 30 of 1988, as amended, urging prospective investors to exercise extreme caution. In a public notice, the CBSL said an investigation conducted in terms of Section 83(C) of the Banking Act established that TM App…

Central Bank Alerts Citizens to Stay Away from Illegal Pyramid Schemes

In accordance with Section 83 (C) of the Banking Act, No. 30 of 1988, which has been amended, the Central Bank of Sri Lanka has […] The post Central Bank Alerts Citizens to Stay Away from Illegal Pyramid Schemes appeared first on FINANCIAL CHRONICLE.