Three pyramid type businesses under probe

Three pyramid schemes or those that are similar to such networks including Global Lifestyle Lanka Ltd are under investigation by the Central Bank (CB) and the Criminal Investigation Department (CID), CB officials say.

The Chavakachcheri Magistrate Court in the Jaffna district earlier this month issued an interim injunction on Global Lifestyle Lanka Ltd (GLLL) based in Colombo which has been carrying on pyramid type business in the region after a report submitted to court by the Chavakachcheri Police following many complaints made by residents.

In the ruling, Chavakachcheri District Judge cum Magistrate Ms. Srinithi Nandasegaran ordered the company to stop their activities and the Court Registrar to inform the Central Bank

Governor and the FCID about the company and to monitor its activities.

CB officials said that the GLLL case was handed to the CID recently and they are probing the company. The CB is collecting information on another similar pyramid type scheme in Colombo. “We will be handing this information to the CID by early next year,” an official told the Business Times. He added that there’s a pyramid scheme operating in Hambantota that's also being probed and the CB has almost completed this investigation with the CID. "The CID will be filing charges on this." (DEC)