Central Bank warns public against unlawful pyramid schemes

Friday, 25 August 2023 03:14 - - {{hitsCtrl.values.hits}}

Denounces false claims, urges vigilance in investment decisions

The Central Bank yesterday issued a strong warning to the public following an influx of complaints about fraudulent schemes operating through online platforms.

These schemes have been misleading investors by making false claims in an attempt to attract deposits and investments.

CBSL emphasises that the claims made by these unlawful schemes are entirely baseless and urges individuals to exercise extreme caution before engaging with them.

The misleading schemes have purportedly made the following false statements in order to appear legitimate —1) the scheme is protecting investors’ funds by adhering to the regulations of CBSL; 2) the scheme is paying the relevant taxes to the Government; 3) participants of the schemes have to pay a personal income tax from their funds to CBSL, in order to withdraw funds and if not, their funds would be frozen by CBSL; 4) the scheme has had discussions with CBSL.

Against this backdrop the CBSL strongly denies the above statements and informs the public that there is no truth in these statements.

The list of institutions licensed and regulated by CBSL is included in the CBSL website and the website of the Foreign Exchange Department and can be accessed through the following

links;

https://www.cbsl.gov.lk/ authorized-financial- institutions

https://www.dfe.lk/web/index. php?option=com_content&view= article&id=82&Itemid=513&lang= e n

The CBSL urges individuals not to engage with or invest in such schemes, as they carry a high risk of financial loss. In the interest of safeguarding hard-earned money, CBSL stresses the importance of due diligence and wise investment choices.

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Central Bank warns public against unlawful pyramid schemes

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