The Central Bank has determined that Max App Media Ltd and two affiliated companies operated a prohibited pyramid scheme, and has reissued its full blacklist — which now runs to 27 companies, applications and organisations.
The determination was made under Section 83(C) of the Banking Act, No. 30 of 1988, as amended, the Daily Mirror reported at 2.33 p.m. Colombo time and Hiru News reported at 2.33 p.m.
What is actually new
This is the point both headlines obscure, and it is worth getting right.
The number 27 is the size of the cumulative list, not a count of fresh additions. Hiru’s headline reads “27 more banned pyramid schemes” and the Daily Mirror’s reads “declares 27 companies and apps prohibited schemes” — but the bodies of both filings are clear that the investigation finding concerns one group of companies, and that the remainder of the list is being republished alongside it.
The new determination is that, following a wide investigation, Max App Media Ltd, together with its affiliates Max LK (Pvt) Ltd and Max Media Lanka (Pvt) Ltd, engaged in, conducted and promoted a prohibited scheme.
The list itself confirms the reading. It is published in the order entries were added, and the last three are:
| # | Entry | Added |
|---|---|---|
| 25 | Infinity Rover (Pvt) Ltd | 1 July 2026 |
| 26 | TM App | 6 August 2026 |
| 27 | Max App Media Ltd, Max LK (Pvt) Ltd, Max Media Lanka (Pvt) Ltd | 28 October 2026 |
This desk recorded the TM App determination on 6 August, when the list stood at 26 and Infinity Rover at 25 was the most recent previous addition. Max App Media is therefore the first addition in just under three months, and the 27th entry overall.
The full list
The Central Bank reissued all 27 entries:
- Tiens Lanka Health Care (Pvt) Ltd
- Best Life International (Pvt) Ltd
- Mark-Wo International (Pvt) Ltd
- VML International (Pvt) Ltd
- Global Lifestyle Lanka (Pvt) Ltd
- Fast3Cycle International (Pvt) Ltd
- Sport Chain App and Sport Chain ZS Society Sri Lanka
- OnmaxDT
- MTFE App, MTFE SL Group, MTFE Success Lanka and MTFE DSCC Group
- Fastwin (Pvt) Ltd
- Fruugo Online App / Fruugo Online (Pvt) Ltd
- Ride to Three Freedom (Pvt) Ltd
- QNet / Questnet
- 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
- Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd
- SGO / sgomine.com
- I.C.A.N. Advertising (Pvt) Ltd and its affiliated websites: icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercusts.net and bannercuts.org
- Infinity Rover (Pvt) Ltd
- TM App
- Max App Media Ltd and its affiliated companies, Max LK (Pvt) Ltd and Max Media Lanka (Pvt) Ltd
Several entries bundle more than one legal person — item 9 names four MTFE entities, item 24 adds five websites, item 27 covers three companies — so the count of 27 is a count of listed entries, not of individual companies.
What the law carries
Section 83(C) makes it an offence to initiate, offer, promote, advertise, conduct, finance, manage or direct a pyramid scheme. Involvement carries up to three years’ imprisonment, a fine of up to one million rupees, or both.
Being named does not by itself mean a prosecution has been brought. The determination is a regulatory finding and a public warning; criminal liability is a separate step.
Where this sits
The Central Bank has been moving against recruitment-based investment schemes on several fronts this year. In September it froze the assets of six companies and their directors under the Finance Business Act — a different statute and a different power from the Banking Act determination used here — and the Governor has repeatedly warned against plantation and forestry schemes promising monthly payouts. In October, directors of TM App — entry 26 on this list — were placed under a travel ban.
Not reported
Neither filing says how much money Max App Media and its affiliates are estimated to have taken in, how many people invested, how long the scheme operated, or how the investigation began. Neither names any director or officer of the three companies, and neither says whether any criminal prosecution, asset freeze or travel ban has followed the determination.
Neither says what recourse, if any, exists for people who have already put money into the scheme.
Corroborated — two verified newsrooms. The Daily Mirror carries the full list in English; Hiru carries the determination and the statutory basis in Sinhala. The two agree on the section of the Banking Act, the three company names and the total. Ada Derana’s site has returned an HTTP 403 block to this desk for 48 consecutive days and could not be checked.
