The Central Bank of Sri Lanka has identified 24 companies operating as pyramid schemes, according to a recent investigation. These companies have been deemed as prohibited under Section 83C of the Banking Act, No. 30 of 1988, as amended. The central bank issued a public notice naming the following entities:
- Tiens Lanka Health Care (Pvt) Ltd
- Best Life International (Pvt) Ltd
- Mark – Wo International (Pvt) Ltd
- V M L International (Pvt) Ltd
- Global Lifestyle Lanka (Pvt) Ltd
- Fast3Cycle International (Pvt) Ltd
- Sport Chain app, Sport Chain zs society Sri Lanka
- OnmaxDT
- MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
- Fastwin (Pvt) Ltd
- Fruugo Oline App/ Fruugo Oline (Pvt) Ltd
- Ride to Three Freedom (Pvt) Ltd
- Qnet/ Questnet
- Era Miracle (Pvt) Ltd. And Genesis Business School
- Ledger Block
- Isimaga International (Pvt) Ltd
- Beecoin App and Sunbird Foundation
- Windex Trading
- The Enrich Life (Pvt) Ltd
- Smart Win Entrepreneur (Pvt) Ltd
- Net Fore International (Pvt) Ltd./ Netrrix
- Pro Care (Pvt) Ltd., Shade of Procare (Pvt) Ltd
- SGO/sgomine.com
- I.C.A.N Advertising (Pvt) Ltd and its affiliates icanonlineadvertising.com / bannercuts.com / bannercuts.lk / bannercuts.net / bannercuts.org
Pyramid schemes, often referred to as multi-level marketing or direct selling, involve a recruitment structure where each participant recruits additional members, forming an expanding network known as a ‘downline.’ In these schemes, a portion of the joining fee is directed upwards to the recruiters, who are fewer in number, while the majority of participants, located lower in the pyramid, may lose their investment.
As such schemes expand, they often result in financial losses for up to 99 percent of the downline participants when the pyramid inevitably collapses. (Colombo/Feb26/2026)
