Colombo Chief Magistrate Thilina Gamage has directed the Central Bank of Sri Lanka (CBSL) to take immediate action against illegal pyramid schemes operating in the country.
The Magistrate further instructed the CBSL to submit a progress report to the court within three months, outlining the measures implemented to curb such schemes.
Highlighting the large number of individuals adversely affected and the surge in related court cases, the Magistrate emphasized that the CBSL has a responsibility to help citizens avoid falling victim to these fraudulent activities.
Senior Assistant Director of CBSL, Niroshan Mayadunna, appeared in court to provide updates on these incidents, following a prior order. The Magistrate questioned the effectiveness of the current actions taken and reiterated the need for stricter enforcement.
According to Sections 83(A)3 and 83(D) of the CBSL Act, CBSL officials, in collaboration with the Criminal Investigation Department, have been instructed to apply the law rigorously to deter such activities.
This directive underscores the urgency of addressing financial fraud and protecting the public from the economic harm caused by pyramid schemes.
