The Central Bank of Sri Lanka has expanded its national list of prohibited pyramid.

The
updated January 20th, 2025 list
now includes Qnet, MTFE and Ledger Block and Ride to Three Freedom.

QNet
is a long-running Malaysian MLM pyramid scheme that is currently targeting Russia, India, Turkey and Australia (SimilarWeb)

MTFE
is a
collapsed
Dubai-based MLM trading bot Ponzi

LedgerBlock
is another
collapsed
Boris CEO MLM crypto Ponzi

Ride to Three Freedom is a 1% a day MLM crypto Ponzi

The Central Bank warns the above scams

have engaged in a scheme prohibited under Section 83 (C) of the Banking Act, No. 30 of 1988 as amended.

OnMaxDT
is another MLM crypto Ponzi that featured on the
Central Bank’s previous May 2023 list
. The list comprises of MLM scams but the rest are unknown to BehindMLM.

Tiens Lanka Health Care (Pvt) Ltd

Best Life International (Pvt) Ltd

Mark – Wo International (Pvt) Ltd

V M L International (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 Oline App/ Fruugo Oline (Pvt) Ltd

Ride to Three Freedom (Pvt) Ltd

Qnet

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

Number five is redacted on the second list due to “a court order”. If we look at the May 2023 list however we can see Global Lifestyle Lanka is missing. I believe this is the redacted company.

The Central Bank doesn’t disclose the nature of the legal proceedings behind the second list redaction.

🤖 Quick Answer

What action did the Central Bank of Sri Lanka take regarding pyramid schemes on January 20th, 2025?
The Central Bank of Sri Lanka updated its national list of prohibited pyramid schemes on January 20th, 2025, adding QNet, MTFE, Ledger Block, and Ride to Three Freedom. These entities were identified as having engaged in schemes prohibited under Section 83(C) of the Banking Act, No. 30 of 1988 as amended.

What is QNet and why was it listed by Sri Lanka's Central Bank?
QNet is a long-running Malaysian MLM pyramid scheme currently targeting markets including Russia, India, Turkey, and Australia. The Central Bank of Sri Lanka added QNet to its prohibited list in January 2025, formally warning the public against participation in its operations within Sri Lankan jurisdiction.

What is MTFE and what is its current operational status?

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