Sri Lanka’s central bank has issued a public notice identifying the TM App as having participated in and promoted an illegal scheme, specifically a prohibited pyramid scheme. This conclusion follows an investigation conducted under Section 83 (C) of the Banking Act, No. 30 of 1988, as amended.
The Central Bank of Sri Lanka confirmed that the TM App was involved in these illicit activities, which violate the stipulations set forth in the aforementioned banking legislation.
In addition to TM App, several other companies and applications have also been categorized as engaging in prohibited schemes according to the same legal framework. These include:
- Tiens Lanka Health Care (Pvt) Ltd
- Best Life International (Pvt) Ltd
- Mark – Wo International (Pvt) Ltd
- V M L International (Pvt) Ltd
- Global Lifestyle Lanka (Pvt) Ltd
- Fast3Cycle International (Pvt) Ltd
- Sport Chain app, Sport Chain zs society Sri Lanka
- OnmaxDT
- MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
- Fastwin (Pvt) Ltd
- Fruugo Online App/ Fruugo Online (Pvt) Ltd
- Ride to Three Freedom (Pvt) Ltd
- Qnet/ Questnet
- Era Miracle (Pvt) Ltd and Genesis Business School
- Ledger Block
- Isimaga International (Pvt) Ltd
- Beecoin App and Sunbird Foundation
- Windex Trading
- The Enrich Life (Pvt) Ltd
- Smart Win Entrepreneur (Pvt) Ltd
- Net Fore International (Pvt) Ltd/ Netrrix
- Pro Care (Pvt) Ltd, Shade of Procare (Pvt) Ltd
- SGO/sgomine.com
- I.C.A.N. Advertising (Pvt) Ltd and its affiliates icanonlineadvertising.com/bannercuts.com/bannercuts.lk/bannercusts.net/bannercuts.org
- Infinity Rover (Pvt) Ltd
This announcement, made on August 6, 2026, serves as a warning to the public regarding the risks associated with such schemes and reinforces the central bank’s commitment to regulatory oversight in the financial sector.
