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    Protect Your Hard - Earned Money From Unlawful Investment Schemes

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    Nuwan Liyanage
    The public notice warns the public to be wary of unlawful investment schemes and persons taking deposits without approval from the Central Bank of Sri Lanka. These unauthorized deposit takers promise high returns but often collapse, causing depositors to lose their money. The notice defines prohibited schemes as those dependent on recruiting new participants or increased contributions to pay benefits. It advises the public to only deposit funds in institutions licensed and regulated by the Central Bank to protect their savings.

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    Protect Your Hard - Earned Money From Unlawful Investment Schemes

    Uploaded by

    Nuwan Liyanage
    25 views1 page
    The public notice warns the public to be wary of unlawful investment schemes and persons taking deposits without approval from the Central Bank of Sri Lanka. These unauthorized deposit takers promise high returns but often collapse, causing depositors to lose their money. The notice defines prohibited schemes as those dependent on recruiting new participants or increased contributions to pay benefits. It advises the public to only deposit funds in institutions licensed and regulated by the Central Bank to protect their savings.

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    The public notice warns the public to be wary of unlawful investment schemes and persons taking deposits without approval from the Central Bank of Sri Lanka. These unauthorized deposit takers promise high returns but often collapse, causing depositors to lose their money. The notice defines prohibited schemes as those dependent on recruiting new participants or increased contributions to pay benefits. It advises the public to only deposit funds in institutions licensed and regulated by the Central Bank to protect their savings.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    25 views1 page

    Protect Your Hard - Earned Money From Unlawful Investment Schemes

    Uploaded by

    Nuwan Liyanage
    The public notice warns the public to be wary of unlawful investment schemes and persons taking deposits without approval from the Central Bank of Sri Lanka. These unauthorized deposit takers promise high returns but often collapse, causing depositors to lose their money. The notice defines prohibited schemes as those dependent on recruiting new participants or increased contributions to pay benefits. It advises the public to only deposit funds in institutions licensed and regulated by the Central Bank to protect their savings.

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    Notice to the public

    Protect your hard - earned money from


    unlawful investment schemes
    ■■ The public is advised to stay Institutions Licensed by the Central Bank of Sri Lanka
    away from investments in
    prohibited schemes and
    to take Deposits from the Public (as at 31.08.2015)
    persons taking deposits without
    approval. Licensed Commercial Banks Licensed Finance Companies
    ■■ They solicit your funds in various 1. Amana Bank PLC 1. Abans Finance PLC
    2. Axis Bank Ltd. 2. Alliance Finance Co. PLC
    methods and promise you very
    3. Bank of Ceylon 3. AMW Capital Leasing and Finance PLC
    high returns or income in various 4. Arpico Finance Co. PLC
    4. Cargills Bank Ltd.
    forms. 5. Asia Asset Finance PLC
    5. Citibank, N.A.
    6. Asian Finance Ltd.

    What is an
    6. Commercial Bank of Ceylon PLC 7. Associated Motor Finance Co. PLC
    7. Deutsche Bank AG 8. Bimputh Finance PLC

    unauthorised 8. DFCC Vardhana Bank PLC


    9. Habib Bank Ltd.
    9. BRAC Lanka Finance PLC
    10. Capital Alliance Finance PLC

    deposit? 10. Hatton National Bank PLC


    11. ICICI Bank Ltd.
    11. Central Finance Co. PLC
    12. Central Investments and Finance PLC*
    13. Chilaw Finance PLC
    ■■ Funds accepted without the 12. Indian Bank
    14. Citizens Development Business
    approval. 13. Indian Overseas Bank Finance PLC
    14. MCB Bank Ltd. 15. City Finance Corporation Ltd.
    ■■ Institutions or persons accepting 16. Commercial Credit and Finance PLC
    15. National Development Bank PLC
    such deposits offer you very high 17. Commercial Leasing and Finance PLC
    16. Nations Trust Bank PLC
    interest and various benefits. 17. Pan Asia Banking Corporation PLC
    18. ETI Finance Ltd.
    19. George Steuart Finance PLC
    ■■ A large number of such deposit 18. People’s Bank 20. HNB Grameen Finance Ltd.
    takers, have collapsed in the 19. Public Bank Berhad 21. Ideal Finance Ltd.
    past and depositors have lost 20. Sampath Bank PLC 22. Kanrich Finance Ltd.
    21. Seylan Bank PLC 23. LOLC Finance PLC
    their money.
    22. Standard Chartered Bank 24. LB Finance PLC
    25. Melsta Regal Finance Ltd.
    23. State Bank of India
    26. Mercantile Investments
    What is a 24. The Hongkong & Shanghai Banking
    Corporation Ltd.
    and Finance PLC
    27. Merchant Bank of Sri Lanka
    prohibited scheme ? 25. Union Bank of Colombo PLC & Finance PLC
    28. Multi Finance PLC
    29. Nation Lanka Finance PLC
    ■■ A scheme participated by
    persons contributing or
    Licensed Specialised Banks 30. Orient Finance PLC
    31. People’s Leasing & Finance PLC
    paying a certain amount of 1. DFCC Bank PLC 32. People’s Merchant Finance PLC**
    money where benefits to 2. Housing Development Finance Corporation 33. Richard Pieris Finance Ltd.
    Bank of Sri Lanka 34. Sarvodaya Development Finance Ltd.
    their participants are largely
    3. Lankaputhra Development Bank Ltd. 35. Senkadagala Finance PLC
    dependent on: 36. Serendib Finance Ltd.
    4. National Savings Bank
    • an increase in the number of 5. Pradeshiya Sanwardhana Bank 37. Singer Finance (Lanka) PLC
    38. Sinhaputhra Finance PLC
    participants in the scheme, 6. Sanasa Development Bank PLC
    39. Siyapatha Finance PLC
    or 7. Sri Lanka Savings Bank Ltd.
    40. Softlogic Finance PLC
    8. State Mortgage and Investment Bank 41. Swarnamahal Financial Services PLC
    • an increase in the
    42. The Finance Co. PLC
    contributions made by the
    participants.
    Keep in Mind… 43. The Standard Credit Finance Ltd.
    44. TKS Finance Ltd.
    • The Central Bank regulates and supervise the 45. Trade Finance & Investments PLC
    ■■ Various structures or methods above named institutions under the relevant 46. UB Finance Co. Ltd
    are used to attract and expand laws to promote prudence in their business 47. Vallibel Finance PLC
    the number of participants. operations and thereby safeguard the * Managed by the managing agent appointed by the Central
    These easily mislead you and deposits. However, the Central Bank does not Bank of Sri Lanka. In the mean time deposit mobilisation
    has been suspended.
    encourage you for high returns have legal authority to guarantee deposits or **Managed by the managing agent appointed by the
    assure that any such institution will never fail. Central Bank of Sri Lanka.
    on your contribution.
    • The Central Bank has introduced a Deposit
    ■■ These schemes may collapse Insurance Scheme to repay deposits up to For further inquiries
    sooner or later and you will Rs.300,000 per depositor in the event of Bank Supervision Department
    loose your money. a failure of a bank or a finance company Tel : 0112 477100, 0112 477120, 0112 477129
    supervised by it. Fax : 0112 477711
    Accepting deposits without • When depositing money in any of the above
    Email :dbsd@cbsl.lk
    approval and participation institutions, please exercise due care for the Non-Bank Supervision Department
    & conduct of prohibited safety of your deposits. Tel : 0112 477500, 0112 477504, 0112 398614
    schemes are illegal. Fax : 0112 477738
    Email : dsnbfi@cbsl.lk

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