Sri Lanka’s Central Bank has announced the results of its investigation into the cryptocurrency trading platform Infinity Rover (Pvt) Ltd, revealing the company’s involvement in an illicit scheme. This finding has led to the addition of Infinity Rover to a list of 25 firms identified as participating in such prohibited activities.
The Central Bank clarified in a statement that, in accordance with Section 83 (C) of the Banking Act, No. 30 of 1988, it has determined that Infinity Rover has been actively engaged in the promotion and operation of a prohibited scheme. The platform had previously advertised itself on its website as the largest crypto trading service globally, offering a comprehensive experience across spot, margin, and futures markets.
The rise of fraudulent pyramid schemes in Sri Lanka has emerged as a significant socio-economic issue, exacerbated by recent economic challenges and a swift transition to digital financial services. These schemes often masquerade as legitimate multi-level marketing businesses, work-from-home opportunities, or advanced cryptocurrency trading applications, enticing vulnerable individuals with promises of unrealistically high returns on their investments.
Instead of generating income through legitimate product sales or genuine asset growth, these schemes rely on a continuous influx of new investments. Prospective investors are typically required to pay an initial registration fee or purchase a starter package. The system is heavily reliant on recruitment, with participants being psychologically manipulated and incentivized through multi-tiered commission structures to recruit friends and family to recoup their own investments.
Moreover, promoters frequently encourage investors to pool their funds via mobile wallets or convert local currencies into decentralized cryptocurrencies, directing these resources into untraceable offshore accounts. This practice can lead to disastrous financial outcomes for those at the lower end of the investment structure when the scheme inevitably collapses.
The Central Bank has taken a firm stance against these operations, officially blacklisting various applications and companies identified as engaging in prohibited pyramid schemes. Under current legislation, individuals involved in initiating, promoting, financing, or managing such schemes face significant penalties, including potential imprisonment for three to five years and substantial fines.
In response to the growing threat posed by these schemes, the Central Bank has launched an extensive public awareness initiative through television, radio, and online platforms to help educate the public on identifying predatory financial models before investing their hard-earned money. Unfortunately, despite these efforts, some individuals continue to fall victim to these deceptive practices.
With the inclusion of Infinity Rover, the complete list of 25 firms recognized by the Central Bank as operating prohibited schemes is as follows:
- 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/bannercusts.net/bannercuts.org
- Infinity Rover (Pvt) Ltd
(Colombo/July 01/2026)
