Headlines on 28 October said the Central Bank of Sri Lanka (CBSL) had "banned 27 companies and apps". The notice itself is narrower: 27 is the running total of names on its prohibited-scheme list, and only one group of names is new this time. If you want to know whether the scheme someone is pitching to you is on the list, the full set of names is below.
What changed on 28 October
In a notice headed "Notice to General Public on Prohibited Pyramid Schemes", CBSL said it had investigated under Section 83(C) of the Banking Act, No. 30 of 1988, as amended, and determined that Max App Media Ltd., together with its affiliates Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd., had engaged in, conducted and promoted a prohibited scheme. The notice then repeats the other 26 names already declared.
Comparing the four notices on CBSL's own site shows how the list has grown:
| Notice date | Newly named | Entries on the list after it |
|---|---|---|
| 19 November 2025 | SGO / sgomine.com | not stated in that notice |
| 1 July 2026 | Infinity Rover (Pvt) Ltd | 25 |
| 5 August 2026 | TM App | 26 |
| 28 October 2026 | Max App Media Ltd. and two affiliates | 27 |
The counts are my own tally of the names printed in each notice, counting a company with its affiliates or apps as one entry, which matches the "27" in the October notice. I did not check notices issued before November 2025, so this table is a record of the last four notices and not the whole history of the list.
The 27 names, as CBSL lists them
- 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 and 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 (spelled "Oline" in the notice)
- 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 and Shade of Procare (Pvt) Ltd
- SGO / sgomine.com
- I.C.A.N. Advertising (Pvt) Ltd and its affiliates: icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org
- Infinity Rover (Pvt) Ltd
- TM App
- Max App Media Ltd. and its affiliates Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd.
Names are reproduced as printed by CBSL. Entry 24's fourth website is written "bannercusts.net" in CBSL's notice and "bannercuts.net" in some news copies, so check the original notice before searching for it.
What the list does and does not tell you
The list is a list of names. It is not a complete list of every scheme operating in Sri Lanka, and a business missing from it has not been cleared. CBSL's own awareness page says the name, product, technology or business model a promoter uses does not by itself decide whether something is lawful; the structure and operation of the scheme is what counts. It also warns that these schemes may be disguised as legitimate businesses, multi-level marketing programmes or online opportunities.
The same page lists warning signs: guaranteed or unrealistic income, pressure to join quickly, emphasis on recruiting rather than genuine business, earnings that depend mainly on bringing in new participants, and an entry payment before any benefit. It describes a typical pattern in which a participant is paid a small reward at first, is then asked to pay more, and is encouraged to recruit others. It says the scheme may collapse when recruitment slows.
On liability, the page states that pyramid schemes are prohibited under Section 83C and that a person who initiates, offers, promotes, advertises, conducts, finances, manages or directs a prohibited scheme may also commit an offence. That matters to anyone who has been paid, or promised pay, for bringing in friends or relatives. Whether a particular person has committed an offence is a question for the courts, and this article does not answer it.
A worked check before you pay anyone
Suppose a relative sends you a link to an app that pays Rs. 500 for each friend who deposits Rs. 5,000. Three questions apply, using only the CBSL material:
- Is the company, app or website on the 27-entry list above, including its affiliates and sites?
- Does the income come mainly from new members' deposits and not from selling a product or service to outside customers?
- Is there an entry payment, or a request for more money after a small first reward?
A "yes" to the second or third is a warning sign in CBSL's own terms even if the name is not on the list. In that case CBSL asks people not to invest or recruit others and to report the scheme. The contact details on its awareness page are the CBSL hotline 1935, the email address [email protected] and the telephone number 011 247 7966. That page still carried placeholder text for some links when I read it on 29 October, so confirm the contact details on cbsl.gov.lk before relying on them.
Date to act on
The notice does not set a deadline, but the practical step is immediate: before you deposit money or pass a link on, search the list above and CBSL's prohibited-schemes page. Do it again whenever a new notice appears, because the list has been updated in July, August and October.