Central Bank blacklists 27 companies and mobile apps as illegal schemes

The Central Bank of Sri Lanka has issued a formal declaration classifying 27 entities and their related applications as illegal schemes, warning the public against engaging with these operations. The move forms part of ongoing regulatory efforts to combat unauthorized financial activities in the country.

The blacklisted companies and apps have been operating without the necessary licenses and approvals required by the Central Bank, posing significant risks to consumers who may inadvertently invest money or provide personal financial information to these platforms. Such unauthorized schemes typically operate outside the regulatory framework designed to protect depositors and investors.

The Central Bank has urged Sri Lankan citizens and residents to exercise caution when considering investment opportunities and financial services. Consumers are advised to verify the credentials of any financial institution or investment platform before committing funds, and to consult the Central Bank's official registry of licensed entities.

The declaration serves as a public notice to prevent further victimization and financial losses. Individuals who believe they may have been defrauded or engaged with prohibited schemes are encouraged to report such incidents to the relevant authorities for investigation and potential recovery assistance.

Photo: The Central Bank of Sri Lanka building in Colombo Fort, June 2013. Amithasundar via Wikimedia Commons (CC BY-SA 3.0).