Colombo Chief Magistrate Asanga S. Bodaragama has imposed an overseas travel ban on two directors of the illegal pyramid operation “TM App”, which is alleged to have defrauded the public of millions of rupees, Hiru News reported.

The order names Karagoda David Lalith of Panadura and Mohamed Rasiq Mohamed Sabri of Kalmunai, and followed facts presented by the Financial Crimes Investigation Division of the Criminal Investigation Department.

The alleged scheme

The CID told the court the racket was run through two entities, TM Skill Exchange and Trump Media House, both of which have been banned by the Central Bank of Sri Lanka.

Members of the public were told to register with the two companies and invest money in order to view advertisements on the TM App. Promotional material offered nine packages ranging from Rs. 7,800 to Rs. 3.8 million, claiming annual returns of between Rs. 100,000 and roughly Rs. 580 million. Hiru’s report carries two slightly different figures for the top of that range — Rs. 589,840,000 in one place and Rs. 580 million in another.

Investigators said the money was collected between July and December 2025. Early investors were initially paid returns, the CID told court, before the operators defaulted on depositors who had put in larger sums.

Where the case stands

Complaints from affected depositors are still coming in, according to the CID, and efforts to arrest the absconding suspects are continuing. Officers asked for the travel ban to stop the suspects leaving the country and obstructing the investigation.

The Chief Magistrate granted the order and directed the CID to report back to court promptly on the progress of the investigation.

The Central Bank has repeatedly warned the public against unlicensed deposit-taking and pyramid-style schemes, including a recent warning over cultivation and investment companies taking public funds.

Not reported

Hiru does not give a total figure for the money allegedly collected or the number of depositors affected, does not say how many suspects are being sought, and does not state what charges the two directors face or whether they have been arrested. No comment from the suspects, their counsel or the Central Bank is reported, and the internal discrepancy in the advertised returns is not explained.

Sources: Hiru News.