Following an investigation conducted under Section 83(C) of the Banking Act No. 30 of 1988 (as amended), the Central Bank of Sri Lanka has determined that the TM App application is engaged in a prohibited pyramid scheme and has been operating and promoting such a scheme.
According to a public notice issued by the Central Bank, the investigation revealed that the TM App application was functioning as a prohibited pyramid scheme.
Accordingly, the TM App application has been newly added to the list of institutions and applications prohibited under the Banking Act.
The updated list currently includes 26 institutions and applications.
Among them are Qnet/Questnet, MTFE, OnmaxDT, Fruugo Online, Beecoin App, Windex Trading, Smart Win Entrepreneur, Infinity Rover (Pvt) Ltd and TM App.
The notice was issued by the Financial Consumer Relations Department of the Central Bank of Sri Lanka, urging the public to remain vigilant about prohibited pyramid schemes operating within Sri Lanka.
