The Central Bank of Sri Lanka (CBSL) has declared 22 companies and mobile applications as prohibited pyramid schemes under Section 83(C) of the Banking Act.

The CBSL confirmed that “SGO/sgomine.com” has been operating a banned pyramid scheme and released a list of 22 additional entities engaged in similar activities, including Best Life International, Global Lifestyle Lanka, Qnet/Questnet, MTFE, Fastwin, Beecoin, Sport Chain, Fruugo Online, and several others.

The regulator urged the public to remain cautious, warning that participating in or promoting such schemes poses severe financial risks to individuals and the economy.