CBSL expands pyramid scheme list to 27 with Max App Media

Thursday, 29 October 2026 05:33 - - {{hitsCtrl.values.hits}}

The Central Bank of Sri Lanka (CBSL) yesterday said it has added Max App Media Ltd. and two affiliated companies to its list of prohibited pyramid schemes, taking the total to 27.

The CBSL said that investigations had determined that Max App Media Ltd., and its affiliates, Max LK Ltd., and Max Media Lanka Ltd., had engaged in, conducted and promoted a prohibited pyramid scheme. Pyramid schemes pay returns to members largely from money brought in by new recruits rather than from genuine business activity.

The determination was made under Section 83(C) of the Banking Act, No. 30 of 1988, as amended.

The list, published through the CBSL’s Financial Consumer Relations Department, includes companies and applications previously identified as prohibited. They include Tiens Lanka Health Care Ltd., Best Life International Ltd., Sport Chain, OnmaxDT, MTFE, Fastwin Ltd., Qnet/Questnet, Ledger Block, Beecoin App and TM App.