The Central Bank of Sri Lanka has determined that I.C.A.N Advertising (Pvt.) Ltd. and its affiliated websites have engaged in a prohibited scheme following an investigation conducted under Section 83C of the Banking Act, No. 30 of 1988.

In an announcement, the CBSL said the determination was made after investigations carried out under the relevant provisions of the Banking Act, as amended. Section 83C of the Act prohibits the promotion and conduct of pyramid schemes and similar arrangements.

Accordingly, the CBSL has identified the following companies and applications as operating prohibited schemes under the law:

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 or Fruugo Oline (Pvt.) Ltd.; Ride to Three Freedom (Pvt.) Ltd.; Qnet or 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. or Netrrix; Pro Care (Pvt.) Ltd., Shade of Procare (Pvt.) Ltd.; SGO or sgomine.com; and I.C.A.N Advertising (Pvt.) Ltd. and its affiliates icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net, and bannercuts.org.