The Central Bank of Sri Lanka (CBSL) has determined that the TM App is operating and promoting a prohibited pyramid scheme following an investigation conducted under Section 83(c) of the Banking Act No. 30 of 1988 (as amended).
In a public statement, the Central Bank said its investigation found that the TM App was functioning as a prohibited scheme under the Banking Act.
Accordingly, the TM App has been added to the Central Bank’s list of entities and applications identified as prohibited pyramid schemes.
The updated list now includes 26 entities and applications, among them Qnet/Questnet, MTFE, OnmaxDT, Fruugo Online, Beecoin App, Windex Trading, Smart Win Entrepreneur, Infinity Rover (Pvt) Ltd, and TM App.
The announcement was issued by the Financial Consumer Relations Department of the Central Bank to alert the public about prohibited pyramid schemes operating in Sri Lanka and to urge people to remain vigilant and avoid participating in such schemes.
