Those involved in pyramid schemes will be charged under Penal Code

State Minister of Finance Ranjith Siyambalapitiya said that legal action will be initiated under the Penal Code against the organizations and individuals who are carrying out or involved in pyramid schemes.

The State Minister was speaking to the media after a public event in Dehiowita.

The State Minister also stated that although the Central Bank prohibits pyramid schemes according to the Banking Act No. 30 of 1988, legal action regarding such acts should be initiated under the Penal Code.

Accordingly, the State Minister said that the Attorney General will be informed and the complaints in this regard will be forwarded to the police and the Criminal Investigation Department and cases will be filed against organizations and individuals who are carrying out or involved in pyramid schemes.

The Minister further said that a large number of people have fallen prey to such fraudsters because they have ignored warnings by the Central Bank and other relevant authorities.

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