Minister of State for Finance Ranjith Syambalapitiya said action would be taken under criminal law against institutions and individuals who run pyramid schemes.
State Minister Syambalapitiya said pyramid schemes were not a business but a crime.
He expressed these views while speaking to the media after a program in Dhiweta.
Commenting on this, he said that the Central Bank has prohibited this crime in accordance with the Banking Law No. 30 of 1988 and the necessary measures can be taken under the Criminal Code.
“Accordingly, the Public Prosecutor will be informed and complaints will be referred in this regard to the police and the Criminal Investigation Department, and cases will be filed against these fraudulent companies and the people who led them in accordance with the criminal law.” He said.
He said that a large number of community members have fallen prey to these smugglers because they focus only on temporary subsidies despite warnings issued by the Central Bank.
LPL-winning Team Candy owners B-Love, the so-called Pyramids schemes
Meanwhile, Justice Minister Wigyadasa Rajapakshi recently said in Parliament that the Lanka Premier League (LPL) was a gambling den.
He said that the sponsor of the B-Love Kandy team that won the LPL tournament is a company that promotes cryptocurrency which is prohibited under Sri Lankan laws.
The Minister of Justice revealed about 15 betting sites that played a major role in the Spanish League championship, which was held without the approval of the Minister of Sports.
It was also revealed that SKYFAIR, which sponsored the tournament titles, was an illegal outside betting site.
In the LPL tournament, several programs were held specifically to promote the cryptocurrency system. T20 franchise titles were sponsored by an illegal offshore betting site called Skyfair.
“These sites are prohibited by our laws. This tournament has been used to promote illegal business. Several sponsors run illegal betting sites. Fifteen such establishments have been identified. They are; Skyfair.News, 1xBet 1XBook, Crickets In, Kheloyar News, Babu88 , SAT sport, Wolf 777, Tiger ESCH, BA Fry Coin and MTFE.
“All of these institutions are involved in betting business or promoting cryptocurrency transactions. Candy’s winning team was also sponsored by a cryptocurrency company called ‘Be Love’ which is a banned organization.”
It is the Minister’s responsibility to find out if these actions taken by Sri Lankan cricket are illegal. And after that… steps should be taken to correct it.”
“Article 108 of the Anti-Corruption Law has been newly introduced. MPs have passed a law making giving and accepting bribes and kickbacks in sports a crime punishable by seven years imprisonment and a fine not exceeding one million rupees. This is Law No. 09 of 2023.
“Section 109 of the law relates to this as well. Under this article, not only the SLC, but also any person must explain how the wealth was accumulated.
“The Minister shall give such an explanation. If such an explanation cannot be given, the action should be taken after it has been deemed a punishable offence.
He added, “The minister has the power and he must use it. Obtaining the approval of the Council of Ministers on these proposals. “We will prepare the bill in two weeks,” Minister Rajapakse said.