INSUBCONTINENT EXCLUSIVE:
a fraudulent pyramid scheme, to be released on bail.This order was issued by Colombo Chief Magistrate Prasanna Alwis, when the case was
16).Accordingly, the Chief Magistrate who ordered each suspect to be released on three surety bails of Rs
10 million each, also imposed a bail condition that the suspects should report to the Criminal Investigation Department (CID) on the last
Sunday of every month.The five suspects in question were arrested on November 03, 2023, by the Financial Crimes Investigation Division
(FCID) over the charges of carrying out a fraudulent pyramid scheme.Meanwhile on August 24, the Central Bank of Sri Lanka (CBSL) banned 9
directly or indirectly initiates, offers, promotes, advertises, conducts, finances, manages or directs a prohibited type of pyramid scheme
shall be guilty of punishable offence.
