Public should be warned of pyramid schemes and their dangers – State Minister

(LANKAPUVATH | COLOMBO) – State Minister of Finance Ranjith Siymabalapitiya has urged all persons to refrain from engaging with, or getting involved, in pyramid schemes of any sort, deeming such activities a ‘social virus’.

Speaking to the media following an event in Ruwanwella, Kegalle on Sunday evening (13 Aug), Siyambalapitiya stated that while pyramid schemes are already prohibited in Sri Lanka, as per S 83(C)  of the Banking Act, No. 30 of 1988, existing laws need to be updated and severe penalties need to be imposed against those involved.

“Pyramid operations are entirely a scheme, it is not legal in any way. As educated citizens of this society, it is your duty to refrain from engaging in such activities…This is a social virus in one way. We have enough problems, we don’t need any new problems. People who get involved in these schemes eventually fall into trouble, and we don’t need that at a time where they are already facing a crisis”, he told the media.

Emphasisng the importance of strict legal action being taken against those involved in such schemes, Siyamabalapitiya pointed out that it is also important for the public to be warned of these operations and the various guises under which they are promoted, thereby refraining them from getting involved.

Thus, the State Minister noted that it is the duty of several parties, including the media, to warn the public to refrain from engaging in such illegal activities.

“The public should be warned that pyramid institutions are not a business, but a scheme”, he emphasised.

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