Sri Lanka's Central Bank has concluded a formal investigation determining that Infinity Rover, a financial entity operating within the country, was involved in a prohibited investment scheme, raising fresh concerns about the persistence of illegal financial operations despite ongoing regulatory efforts.
Probe Findings
The Central Bank of Sri Lanka (CBSL) launched the investigation following suspicions that Infinity Rover was conducting financial activities that fall outside the boundaries permitted under Sri Lankan law. The probe confirmed that the company had been engaging in a scheme classified as prohibited under existing financial regulations, putting investors and the broader public at risk.
Authorities have underscored the serious nature of such findings, noting that prohibited schemes of this nature can cause significant financial harm to unsuspecting members of the public who are drawn in by promises of high returns or other attractive incentives.
Online Platforms Fuelling Illegal Schemes
A growing concern highlighted by the Central Bank is that prohibited financial schemes continue to thrive despite regulatory crackdowns, with operators increasingly turning to online platforms to reach potential victims. The digital space has made it considerably easier for such entities to recruit participants while evading immediate detection by authorities.
The Central Bank has repeatedly warned the public about the dangers of engaging with unregistered or unverified investment platforms, particularly those that operate primarily through social media channels, messaging applications, and websites that lack transparent regulatory credentials.
Public Advisory
In light of this latest investigation, the Central Bank is urging Sri Lankan residents to exercise extreme caution before committing funds to any investment opportunity, particularly those promoted through online channels. Members of the public are advised to:
- Verify that any financial institution or investment scheme is duly registered and authorised by the Central Bank of Sri Lanka.
- Treat unusually high promised returns as a significant warning sign.
- Report suspicious financial schemes to the Central Bank or relevant law enforcement authorities immediately.
- Avoid sharing personal and financial information with unverified online platforms.
The Central Bank of Sri Lanka continues to monitor and take regulatory action against entities found to be operating prohibited schemes, and will not hesitate to pursue legal measures where warranted.
This case serves as yet another reminder of the challenges faced by Sri Lanka's financial regulators in combating illegal investment operations, particularly as technology continues to provide new avenues for bad actors to exploit vulnerable members of the public. The CBSL has reaffirmed its commitment to protecting consumers and maintaining the integrity of the country's financial system.
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these crypto scam things are everywhere now, goverment cant do anything
exactly, my cousin lost 200k last year same type of thing